DEG, an impact and climate financier, has announced its support for a 60MW floating solar power plant on the island of Java, Indonesia. This project marks the first time DEG has financed a floating photovoltaic system, arranging approximately USD 60 million in financing for ACWA Power Company and Indonesia Power Renewables. These entities are jointly developing the project.
The financing consortium includes Proparco and Standard Chartered Bank as partners. Monika Beck, a member of DEG’s Management Board, expressed: “We are pleased to promote innovative renewable technologies together with our esteemed partners Standard Chartered Bank and Proparco in providing ACWA Power and Indonesia Power Renewables with a debt financing for developing their first floating solar project in Indonesia. As an impact investor DEG focuses on financing such sustainable transformation projects and is proud to have been the lead arranger in the transaction.”
The plant is expected to generate around 92 MWp of renewable energy annually, offsetting about 63,100 tons of CO2 each year. It contributes to Indonesia's climate goals by increasing the share of renewables in the energy mix, while supporting regional sustainable development through meeting rising energy needs and innovative technology applications.