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DNV Providing Technical Expertise For Indonesia's First-Ever Floating PV Project

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DNV, the independent energy
expert and assurance provider, 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.
The project owner, PT. Pembangkitan Jawa Bali Masdar
Solar Energi (PMSE), is a joint venture between the Abu
Dhabi Future Energy Company PJSC -
Masdar (MASDAR) and Indonesian state-owned electricity
company Perusahaan Listrik Negara (PLN) subsidiary PJBI.

PMSE achieved financial
close for the project on the 3
rd of
August after the satisfactory completion of the lender's due diligence
review. The senior debt of the floating solar project is
being provided by Sumitomo Mitsui Banking
Corporation, Societe Generale, and Standard Chartered Bank.

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.

“DNV is delighted to be
supporting PMSE in developing Indonesia's first floating solar PV project which
is expected to pioneer significant uptake in the technology as the country
shifts to low-carbon power generation solutions,” said Brice Le Gallo, Regional
Director for Energy Systems Asia Pacific at DNV.

“Executing this complex
project required a seamless collaboration across DNV's resource pool of
experts, from solar and power grids advisory to marine engineering,” Brice Le
Gallo added.

”DNV's experience in
advising sponsors and lenders on floating PV, which is a relatively new
technology, was a key differentiator and was instrumental in its selection as
the lender's technical advisor for the Cirata floating PV
project,” said Przemek Lupa, President Director of PMSE.

In addition to advising on
800 MW of installed floating PV capacity in Asia Pacific, including
Singapore's Tengeh reservoir project, DNV has been involved in a
combined 2 GW of floating PV projects worldwide.

In terms of industry-shaping
technical expertise, DNV led the collaborative joint industry project (JIP)
involving 24 industry participants which produced a set of recommended
practices for accelerating safe, sustainable and sound design,
development and operations of floating solar PV projects in March 2021.

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