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ACWA Power, a Riyadh utility developer, has been chosen as the preferred bidder for two solar photovoltaic (PV) plant development in Indonesia, the biggest economy in South-East Asia.
The two solar PV plants are Singkarak floating plant, Sumatra with a 50-megawatt capacity, and the second one in Java with a capacity of 60 megawatts.
The company stated that ACWA Power would now work with all relevant stakeholders to move the project towards the final stage of the award process, but did not provide further details.
By 2030, Indonesia will have at least 51% of its energy needs met by renewable sources. Also, the country aims to be carbon neutral by 2060 or earlier. Renewable energy will provide up to 85 percent of its energy mix during the dedicated time period.
As the company expands its global operations, Masdar of Abu Dhabi also created a joint venture with Mitrabara of Indonesia for renewable energy solutions for rapidly growing industrial and commercial sectors.
ACWA Power plays an important role in diversifying the energy sources of Saudi Arabia by investing in renewable projects. The Public Investment Fund of Saudi Arabia, a sovereign wealth fund, holds a 50% stake in the company. ACWA Power is also owned by seven other parties, including the Saudi Public Pension Agency.
The company’s listing in 2021 raised $1.2 billion, making it the second-largest share sale in the energy sector. The first one was Saudi Aramco’s record IPO in 2019, on Tadawul which raised $29.4bn.