Saudi Arabia-listed ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, has signed the Power Purchase Agreement (PPA) with state-owned electricity utility PT Perusahaan Listrik Negara (Persero) (PLN), for the Saguling Floating Solar PV Project in Indonesia.
Marking ACWA Power’s first floating solar PV project, the Saguling project will have a capacity of 60MW. ACWA Power has a 49 percent equity stake in the project, with the rest being held by Indonesia Power, a subsidiary of PLN. PLN serves as the offtake partner for these projects.
Thomas Altmann Chief Investment Officer ACWA Power
“We’re thrilled to announce our PPA agreement for the Saguling floating solar project. This project is the first for ACWA Power in Indonesia and paves the way for the growth potential we see. This signing is a significant development in achieving our sustainability goals, aligning with our aim to lead in responsible investment.”
ACWA Power is expanding its footprint in Indonesia through strategic investments that contribute to economic growth and enable a sustainable future. Work is also underway on the country’s largest green hydrogen facility, also in collaboration with PLN: the Garuda Hidrogen Hijau (GH2) Project.
With green hydrogen portfolio expansion in mind, the work is underway at the 1.2 million tonne-per-year NEOM Green Hydrogen Project in Saudi Arabia and is planned for completion in late 2026, and the company broke ground on a second project in Uzbekistan, in November 2023.
