• DEG, the German development financing institution, Proparco and Standard Chartered announce their agreement to finance the 92MWp Saguling floating solar project developed by PLN IP and ACWA Power 
• Project mobilizes USD 60 million  for the Indonesian JETP – in addition to the USD 1.2 billion already secured 
• Investment in this first Indonesian JETP solar project points to appetite from both public and private sectors to finance the country’s green energy transition

Jakarta, Indonesia (29 April, 2025) – Today, DEG,  the German development finance institution, the French development finance institution Proparco and Standard Chartered announce an agreement to finance the development, construction and operation of the Saguling floating Solar PV plant as part of Indonesia’s Just Energy Transition Partnership (JETP). The project mobilizes USD 60 million for the Indonesian JETP, increasing funding to accelerate Indonesia’s inclusive and ambitious energy transition.

Located in West Java, the plant is expected to reduce carbon emissions in the Indonesian power system by at least 63,100 tons a year and has an installed capacity of 92 MWp. This will increase electricity production from solar in Indonesia by around 13 percent. The plant is developed by two important players in their sectors, being PLN Indonesia Power, the largest power generation company in Southeast Asia, and ACWA Power, the world’s largest private company in water desalination, a leader in energy transition, and a first mover into green hydrogen from the Kingdom of Saudi Arabia.

The Indonesian JETP launched in 2022 to mobilize capital to accelerate Indonesia’s clean energy transition and facilitate the deployment of affordable, clean energy that materially benefits the Indonesian economy. Investment in the Saguling project represents a blueprint for future clean energy projects in Indonesia supported by public and private sector capital.

Airlangga Hartarto, Indonesia’s Coordinating Minister for Economic Affairs, said: “Investment in PLTS Terapung Saguling is not just a solar power plant project. This is a symbol of the collaborative spirit between the Indonesian Government, the international community, and the private sector to accelerate the transition to clean energy while encouraging inclusive and sustainable economic growth.”

The governments of Canada, Denmark, France, Germany, Italy, Japan, Norway, the European Union, and the United Kingdom make up the International Partners Group, which is committed to supporting the Indonesia JETP through development finance. The IPG works alongside the Glasgow Financial Alliance for Net Zero (GFANZ), a global coalition of leading financial institutions.

As of early 2025, Germany assumed co-leadership of the IPG in Indonesia’s JETP alongside Japan. Through a working group convened by GFANZ, leading financial institutions–including Standard Chartered–are committed to working closely with the Indonesian Government and the IPG toward the mobilization and facilitation of capital to support Indonesia’s energy transition.

H.E. Mr. Fabien Penone, Ambassador of France to Indonesia, said: “France actively supports Indonesia’s energy transition through the JETP and has already mobilised over 450 million Euros in this regard. The financing by the French development finance institution Proparco of the Saguling floating solar PV plant highlights our commitment to foster innovative renewable energies in Indonesia and to support its sustainable economic growth.”   

Ina Lepel, Ambassador of Germany to Indonesia, said: “This new financial agreement clearly shows: The International Partners Group and GFANZ are closely working together to support Indonesia’s just energy transition. We enter now into a new phase, where more and more investment projects reach a degree of maturity where contracts can be signed.”

Monika Beck, Member of DEG’s Management Board, said: “We are pleased to promote innovative renewable technologies together with our esteemed partners Standard Chartered and Proparco in providing ACWA Power and Indonesia Power Renewables with a debt financing for developing their first floating solar project in Indonesia. As an impact investor DEG focuses on financing such sustainable transformation projects and is proud to have been the lead arranger in the transaction.”

Edwin Nugraha Putra, President Director of PT PLN Indonesia Power, said:  “As part of our commitment to supporting Indonesia’s sustainable energy transition, PT PLN Indonesia Power has initiated the Hijaunesia and Hydronesia projects. These initiatives also represent our support for the Government’s target of achieving the Net Zero Emission by 2060. PT PLN Indonesia Power is proud to be developing the Saguling floating solar power plant project, as it not only marks a historic milestone- the first floating solar project funded through a public-private partnership, but also highlights the important role of PLN Indonesia Power in accelerating the transformation of Indonesia’s energy sector. We believe that through collaboration with leading global partners such as ACWA Power, Standard Chartered, DEG, and Proparco, we can accelerate the achievement of national renewable energy targets, while also creating a significant positive impact on carbon emission reduction and environmental quality improvement. The success of this project is a step forward, demonstrating that with strong support from various sectors, we can create a greener and more sustainable future for Indonesia.”

Françoise Lombard, CEO, Proparco, said: “Saguling is a cornerstone of Indonesia’s energy transition under the JETP, and Proparco is proud to support this landmark project alongside our trusted partners. As AFD Group’s private sector arm, we finance public-private partnerships that complement AFD’s support for PLN and the Ministry of Energy. This marks Proparco’s first investment in floating solar technology, reaffirming our commitment to innovation. In a country where land constraints pose challenges, floating solar offers a scalable solution to accelerate the transition. Moreover, this project underscores Proparco’s role in mobilizing private capital—an increasingly vital driver of a just energy transition.” 

Donny Donosepoetro OBE, Cluster CEO, Indonesia and ASEAN Markets at Standard Chartered, said: “Standard Chartered stands ready to support Indonesia’s transition to a more sustainable future by financing renewable energy projects that support enduring economic growth alongside sustainable outcomes. Our participation in the financing of the Saguling Floating Solar PV Plant is testament to our dedication to mobilising private capital for clean energy investment, particularly through partnerships like JETP.”

Mary Schapiro, Vice Chair, GFANZ, said, “This milestone transaction underscores the importance of public-private partnerships to unlock the capital needed for Indonesia’s green energy expansion and can serve as an example for future clean energy projects. Alongside the IPG, GFANZ is committed to working with financial institutions focused on mobilizing private finance and facilitating investment to help scale Indonesia’s energy transition through the JETP.”

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About DEG

For more than 60 years, DEG has been financing and advising private enterprises operating in developing and emerging-market countries. With a portfolio of around EUR 11.6 billion we’re one of the largest private-sector development financiers. As an impact and climate investor we accompany companies that are addressing transformation and aiming to seize their opportunities. Our customers not only receive financing and advisory solutions tailored to their needs: they can build on our market knowledge, our impact and climate expertise and our international network. In this way, DEG, a subsidiary of KfW, contributes to creating more skilled jobs and local income and to improving value creation on the ground in line with the SDGs.

Learn more: www.deginvest.de

About PLN Indonesia Power

PT PLN Indonesia Power is the largest Generation Company in Southeast Asia, a Sub Holding of State-owned Electricity Company, namely PT PLN (Persero). PLN Indonesia Power is always committed to becoming an energy company based on technology, innovation, and oriented towards the future towards The NEW PLN 4.0 UNLEASHING ENERGY and BEYOND.

About Proparco

Proparco, a subsidiary of Agence française de développement Group, has been working with the private sector for over 45 years for a more just and sustainable world. With an international network of 25 local offices, Proparco works closely with its partners to build sustainable solutions in response to environmental and social challenges in Africa, the Middle East, Asia and Latin America. Proparco benefits from sector-based expertise as well as a wide range of financial solutions tailored to the different stages of business development, notably thanks to its Digital Africa subsidiary, and its Propulse technical assistance offering designed to scale up the impacts and performance of its partners.

Proparco’s “Acting together for greater impact” Strategy 2023-2027 enables, strengthens and amplifies the different ways in which it works with its partners.

For more information, go to: http://www.proparco.fr/en and @Proparco LinkedIn

About Standard Chartered

We are a leading international banking group, with a presence in 53 of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.

Standard Chartered PLC is listed on the London and Hong Kong stock exchanges.

For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on X, LinkedIn, Instagram and Facebook.

About GFANZ 

The Glasgow Financial Alliance for Net Zero (GFANZ) is an independent, private-sector-led initiative focused on mobilizing capital and removing barriers to investment in the global transition.  

GFANZ brings together financial sector firms that recognize the opportunity created by the transition – including banks, insurers, asset owners, asset managers, and service providers. It helps drive transition finance and unlock private capital at scale through support for capacity building and the development of innovative financing opportunities and solutions.

 A Principals Group composed of CEOs from major firms approves the strategic direction of GFANZ, which is globally active through its Regional Networks in Africa, Asia Pacific, and Latin America & Caribbean, as well as Chapters in Brazil, the Caribbean, Japan, and Hong Kong.

 Media contact: press@gfanzero.com