Masdar, one of the world’s leading renewable energy companies, announced the formation of a joint venture (JV) with PT Mitrabara Adiperdana Tbk (Mitrabara), a conglomerate focused on the energy sector, to target the fast-growing commercial & industrial (C&I) segment of the renewable energy market in Indonesia. The JV, PT Masdar Mitra Solar Radiance, which will operate under the Solar Radiance brand, was formally launched at a ceremony on the sidelines of Abu Dhabi Sustainability Week (ADSW) 2022, held this week in the UAE capital. With the growing need for companies to reduce their carbon footprint, availability of renewable energy has become one of the key drivers for investment decisions. Indonesia unfortunately is lagging our peers in the region for this issue.
Solar Radiance will support the energy diversification efforts of our commercial and industrial customers in Indonesia and make a positive contribution on climate action. The Solar Radiance venture will help Masdar further expand its presence in Indonesia and support the nation’s clean energy and climate objectives. With Indonesia targeting at least 51 percent of added power capacity coming from renewable sources by 2030, the C&I segment is expected to enjoy very rapid growth, The new venture will also boost Masdar’s knowledge of the local market and deepen its penetration in the renewables sector. Masdar entered the Indonesian market in 2020, forming a joint venture with PT PJBI, a subsidiary of Indonesia’s state electricity company, to drive development of 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 project last August, and it is expected to begin commercial operation in the fourth quarter of this year.