Masdar, a government-owned renewable energy group based in Abu Dhabi, has signed a memorandum of understanding with Tuas Power, EDF of France, and PT Indonesia Power to explore renewable energy generation in Indonesia for export to Singapore. The agreement envisages developing up to 1.2 gigawatts of solar photovoltaic plus energy storage facilities.
Tuas Power is a wholly owned subsidiary of New York-listed Huaneng Power International, which is part of the China Huaneng Group.
In September 2021 Tuas Power, EDF Renewables and PT Indonesia Power signed their own MoU, and have now brought Masdar on board.
Masdar entered the Indonesian market in 2020, forming a joint venture with PT PJBI, a subsidiary of Indonesia’s state electricity company PT PLN, to develop the Cirata Floating Photovoltaic Power Plant, the country’s first floating solar project and one of the largest in the world. Masdar announced financial close on the 145 megawatt alternating current project last August, and it is expected to begin commercial operation in the fourth quarter of this year.
Tuas Power is one of Singapore's leading power-generation companies. PT Indonesia Power is a key subsidiary of PLN, the state-owned Indonesian utility.
EDF Renewables parent company EDF will be leading the development of a subsea cable project for power export purposes, further expanding its presence in the region. It is also involved in projects in Vietnam and Indonesia.
Abu Dhabi sovereign wealth fund Mubadala established Masdar in 2006 to extend the United Arab Emirates' leadership role in the global energy sector, while helping to drive its economic diversification and climate action agenda. Today, Masdar is active in more than 35 countries across six continents, and has developed and invested in projects worldwide worth nearly US$20 billion.