ACWA Power signs PPA for 60 MW floating solar project in Indonesia

ACWA Power Co (TADAWUL:2082) has signed a power purchase agreement (PPA) with Indonesia's state-owned electricity utility PT Perusahaan Listrik Negara (Persero) (PLN), for the 60-MW Saguling floating solar PV project in the Southeast Asian country.

Saguling is one of two projects, alongside the 50-MW Singkarak floating solar project, that the Saudi company agreed upon with PLN at the end of 2022. ACWA Power has a 49% equity stake in both projects, with the rest being held by Indonesia Power, a subsidiary of PLN. The state-owned utility will be the offtaker of power from Saguling.

"We’re thrilled to announce our PPA agreement for the Saguling floating solar project. This project is the first for ACWA Power in Indonesia and paves the way for the growth potential we see," commented ACWA Power's chief investment officer Thomas Brostrom.

In addition to these projects, ACWA Power is partnering with PLN and fertiliser and chemical producer PT Pupuk Indonesia on a USD-1-billion-plus (EUR 908m) green hydrogen project in the country.

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