Renewables – solar project
DNV acted as the Lender’s Technical Advisor, during the development phase, for Indonesia’s first-ever floating solar photovoltaic (PV) project at Cirata Reservoir in West Java.
Project owner PT. Pembangkitan Jawa Bali Masdar Solar Energi (PMSE) achieved financial close for the project on the 3rd of August after the satisfactory completion of the lender’s due diligence review.
Once operational, the 145 MWac Cirata floating PV plant will be one of the largest of its kind in South East Asia. The region is already home to a number of large-scale floating PV systems including Vietnam’s 70 MW FPV system in Quang Thanh and Singapore’s 60 MW facility at Tengeh reservoir.
The Cirata floating PV project will have a plant capacity of 145 MWac. All power generated by the plant will be supplied and sold to PLN under a power purchase agreement (PPA).
DNV supported the first phase of the Cirata floating PV project, which began in April 2020 and involved pre-construction due diligence. DNV’s role included undertaking site studies, estimating solar resource data and energy yield and reviewing the financial model’s technical assumptions.
DNV also reviewed the project design, technology, PPA, Engineering, Procurement and Construction (EPC) contract and contractor, the Operation and Maintenance (O&M) contract, plan and operator. In addition to conducting a technical due diligence, DNV also evaluated the environmental and social impact assessments to ensure compliance with internal best practices and International Finance Corporation (IFC) standards.