Germany-based development bank DEG, French development finance institution Proparco, and Standard Chartered have announced a USD60 million financing deal to develop the Saguling floating solar photovoltaic (PV) plant in West Java, Indonesia. The 92 MWp project, co-developed by Indonesia Power and Saudi Arabia’s ACWA Power, is a flagship initiative under Indonesia’s Just Energy Transition Partnership (JETP), aimed at accelerating the nation’s clean energy shift. Once operational, the plant will reduce annual CO₂ emissions by over 63,000 tons and increase Indonesia’s solar capacity by 13 percent.
Backed by the International Partners Group—including Germany, France, Japan, and others—alongside the Glasgow Financial Alliance for Net Zero (GFANZ), the project represents a model for future public-private investment in Southeast Asia’s renewable energy sector. Officials from France, Germany, and Indonesia hailed the investment as a milestone in enabling scalable, low-emission infrastructure, particularly in land-constrained areas like Indonesia, where floating solar offers a viable alternative for sustainable energy growth.
