The Glasgow Financial Alliance for Net Zero (GFANZ) published an update on a financing agreement for the Saguling floating solar photovoltaic plant in West Java, Indonesia, under the country’s Just Energy Transition Partnership (JETP). DEG, Proparco and Standard Chartered agreed to finance the development, construction and operation of the 92 MWp project, mobilising USD 60 million for the Indonesia JETP in addition to USD 1.2 billion already secured. Developed by PLN Indonesia Power and ACWA Power, the plant is expected to reduce carbon emissions in Indonesia’s power system by at least 63,100 tonnes per year and increase electricity production from solar in Indonesia by around 13%. The release frames the transaction as a public-private partnership blueprint for future JETP-supported clean energy projects, with the International Partners Group providing development finance and GFANZ convening a working group of financial institutions, including Standard Chartered, to support mobilisation of private capital for Indonesia’s energy transition.
Glasgow Financial Alliance for Net Zero 2025-04-29
Glasgow Financial Alliance for Net Zero reports USD 60 million financing agreement for Indonesia’s Saguling floating solar project under the JETP
The Glasgow Financial Alliance for Net Zero announced a financing agreement for the Saguling floating solar photovoltaic plant in West Java, Indonesia, under the Just Energy Transition Partnership, with DEG, Proparco, and Standard Chartered committing USD 60 million. Developed by PLN Indonesia Power and ACWA Power, the project aims to reduce carbon emissions by at least 63,100 tonnes annually and serves as a public-private partnership model for future clean energy initiatives.