ACWA Power has recently announced a major milestone with the signing of a Power Purchase Agreement (PPA) for its first floating solar photovoltaic (PV) project, known as the Saguling Floating Solar PV Project, in Indonesia.
This development marks a significant step for ACWA Power, a Saudi-listed company renowned for its expertise in water desalination, energy transition, and green hydrogen initiatives.
Project Details and Stakeholder Information
The Saguling project is set to feature a capacity of 60 megawatts (MW). ACWA Power holds a 49% equity stake in this groundbreaking venture, with the remaining shares owned by Indonesia Power, a subsidiary of the state-owned electricity utility PT Perusahaan Listrik Negara (PLN).
PLN will serve as the offtake partner for this project, ensuring the distribution and management of the generated electricity.
Statement from ACWA Power’s Chief Investment Officer
Thomas Brostrom, Chief Investment Officer of ACWA Power, expressed enthusiasm about the PPA agreement, stating, “We’re excited to announce our PPA agreement for the Saguling floating solar project.
This initiative represents our first venture into floating solar PV in Indonesia and opens up substantial growth opportunities.
The signing of this agreement is a crucial advancement in our sustainability objectives, reflecting our commitment to leading in responsible investment practices.”
Expansion and Future Projects
ACWA Power’s engagement in Indonesia is not limited to the Saguling project. The company is also advancing its efforts with the development of the country’s largest green hydrogen facility, the Garuda Hidrogen Hijau (GH2) Project, in partnership with PLN.
This project underscores ACWA Power’s strategy to enhance its presence in Indonesia while promoting sustainable energy solutions and contributing to economic growth.
About ACWA Power
ACWA Power (TADAWUL:2082) is a prominent Saudi-listed entity, recognized globally as the largest private water desalination company and a pioneer in green hydrogen.
Founded in 2004 and headquartered in Riyadh, Saudi Arabia, ACWA Power operates in 13 countries across the Middle East, Africa, Central Asia, and Southeast Asia.
With a portfolio of 90 projects in various stages of operation, development, or construction, ACWA Power boasts an investment value of SAR 353.77 billion (USD 94.3 billion) and a total power generation capacity of 65.6 GW.
The company also manages the desalination of 8.0 million cubic meters of water per day, delivering essential services through long-term contracts and Public-Private Partnership models.
About PLN
PT PLN (Persero) is a state-owned electricity provider dedicated to offering top-tier service to its customers.
The company is focused on its Transformation 2.0 agenda, aiming to become a Top 500 Global Company.
PLN’s vision includes becoming the premier choice for energy solutions through business growth, digitalization, energy transition, and achieving Net Zero Emissions (NZE). The company strives to implement world-class practices and maintain a commitment to innovation and excellence in its operations.