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Monday, 7 November 2022

Acwa Power gets green light on floating solar plants in Indonesia

Tadawul-listed Acwa Power enters Indonesia: Indonesia’s state-owned electricity utility company PT Perusahaan Listrik Negara (PLN) has tapped Acwa Power to develop two floating solar PV solar projects worth USD 105 mn, according to a company statement.

The details: The floating projects will yield 60 and 50 MW of AC power (MWac) each and will be the first of their kind for Acwa Power, whose equity in the projects amounts to 49%. The majority stake will be held by Indonesia Power — a subsidiary of PLN.

Indonesia has a renewables target: The country’s National General Energy Plan aims to secure 23% of Indonesia’s energy needs from renewables by 2025.

IN CONTEXT– Entry into the Indonesian market is one of many moves planned to take, in addition to eyeing a project in Thailand, CEO Paddy Padmanathan told Arab News last month. Acwa Power is also mulling new projects in existing markets like Uzbekistan, Azerbaijan, South Africa, Morocco, Senegal, and Egypt. The energy giant’s 700 MW solar power plant in Dubai is set to come online in 2023, Padmanathan said.

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