Covington Advises on First Solar Project under Indonesia’s Just Energy Transition Partnership

LONDON– Covington advised ACWA Power and the PT Perusahaan Listrik Negara, Indonesia’s national electrical company, on a 25-year power purchase agreement for the development, construction and operation of a 60 MW floating photovoltaic plant in a reservoir of a hydro-electric power plant. PT Perusahaan Listrik Negara acts as the sole off-taker.

The project will be located in the Saguling, West Java province and will be developed on a ‘Build, Own, Operate’ basis. ACWA Power will take the lead on the construction, engineering, operation and maintenance of the plant. The plant is expected to reduce carbon emissions by at least 63,100 tonnes annually and to increase Indonesian solar electricity production by about 13% The financing is being provided under the framework of Indonesia’s Just Energy Transition Partnership (JETP), an initiative aimed at supporting the country’s transition to clean power.

The Covington team was led by Agnieszka Klich and included Karolina Reiter, Laure Berthelot and Georgia Ling.