Masdar signs agreement to triple capacity of its Cirata floating solar PV power plant in Indonesia: UAE state-owned renewable energy giant Masdar has signed an agreement with Indonesia’s utility company PLN Nusantara Power to develop a 500 MW floating solar photovoltaic plant (FPV) in Indonesia, according to a company statement.

The details: The 500 MW project is the second phase of the floating Cirata solar plant for which Masdar signed a power purchase agreement back in 2020. The initial 145 MW phase of the project, which was South Asia’s first FPV plant at the time, is expected to come online later this year. The new solar farm follows a recent regulatory development allowing up to 20% of water coverage for renewable energy operations, the company notes. The company did not reveal the expected investment ticket for the upcoming phase, but the first stage is estimated to have a USD 145 mn price tag.

Masdar already has a foothold in Indonesia: Earlier in February, Masdar acquired shares in the geothermal unit of Indonesian government-owned geothermal utility Pertamina, which controls 82% of Indonesia's installed geothermal energy capacity, and manages 13 geothermal energy projects generating 1.87 GW of electricity.

And the UAE government just inked a new pact with Indonesia: UAE Energy and Infrastructure Minister Suhail Al Mazrouei met with Indonesia's President Joko Widodo on the sidelines of the UAE-Indonesia Business Forum in Jakarta last week to discuss increasing cooperation in smart and green cities, renewables, and food security. Mazrouei spotlighted potential cooperation in developing Indonesia’s new green capital Nusuantra on Borneo, which is set to become operational by 2045 in line with the country’s efforts to attain carbon neutrality by 2060. Widodo plans to reserve 70% of the new capital’s landmass as green areas to upscale national reforestation efforts. Mazrouei noted both the state and UAE private developer’s interest in helping establish port infrastructure in Nusuantra, as well as setting up renewables projects in the country and helping support Indonesia’s food security efforts. Indonesia has set out a target of sourcing 23% of its energy needs from renewables by 2025. Indonesia will need approximately USD 51.7 bn annually for climate mitigation efforts, according to the International Renewable Energy Agency.