SINGAPORE – PT. Pembangkitan Jawa Bali Masdar Solar Energi (PMSE) has achieved financial closure for Indonesia’s first floating solar photovoltaic (PV) project at the Cirata reservoir in West Java.
PMSE, is a joint venture between the Abu Dhabi Future Energy Company PJSC – Masdar and PJBI, a subsidiary of Indonesian state-owned electricity company Perusahaan Listrik Negara (PLN).
DNV acted as the lender’s technical advisor, during the development phase. Once operational, the 145-MWac Cirata floating PV plant will be one of the largest in Southeast Asia, with all power generated supplied and sold to PLN under a power purchase agreement (PPA).
Other large-scale floating PV systems in the region include Vietnam’s 70-MW FPV system in Quang Thanh and Singapore’s 60-MW facility at Tengeh reservoir.
DNV supported the first phase of the Cirata floating PV project which started in April 2020 with pre-construction due diligence.
It was responsible for site studies, estimating solar resource data and energy yield, and reviewing the financial model’s technical assumptions.
In addition, DNV reviewed the project design, technology, PPA, EPC contract and contractor, the operation and maintenance contract, plan and operator; and the environmental and social impact assessments, to ensure compliance with internal best practices and International Finance Corporation standards.
Earlier this year DNV led a joint industry project involving 24 industry participants which produced recommended practice for safe, sustainable and sound design, development and operations of floating solar PV projects.