Indonesia's state-owned power utility PT PLN, through its subsidiary Pembangkitan Jawa Bali (PJB), plans to invest US$129m in the construction of the 145 MW Cirata floating solar power plant in West Java (Indonesia), in partnership with Masdar (United Arab Emirates). The two parties are set to sign a power purchase agreement (PPA) before the end of January 2020 (PT PLN would pay US$5.8c/kWh for the project's power generation) and aim to reach a financial close within a year. Construction could then start in early 2021. The project will be implemented in two phases, with a first phase of 50 MW. The plant will reach its nominal capacity of 145 MW by 2022.
Masdar initially signed a project development agreement (PDA) for the construction of a 200 MW floating solar PV power plant worth US$300m in 2017. However, the size of the plant has been reduced after a change in regulation over the appointment of power plant developers.
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