Lead Arranger for Indonesia’s Cirata Floating Solar PV
Helping generate renewable energy in Indonesia
Background
Indonesia is the largest energy user in ASEAN1, and as its population grows, land is increasingly being allocated to housing, agriculture and industry, making ground-mounted solar harder to scale. Floating solar addresses this directly with panels deployed on water.
The Cirata Floating Solar PV Plant is built on a 250-hectare plot for the Cirata Reservoir in West Java, developed as a joint venture between Masdar and PLN Nusantara Power. The project was inaugurate din November 2023
It is the largest floating solar installation in Southeast Asia. It generates enough clean energy to power around 50,000 households and avoids approximately 214,000 tonnes of CO₂ annually.
Standard Chartered’s role in supporting Masdar
- Mandated Lead Arranger
- Onshore Account Bank
Impact
The 145MW plant is the largest floating solar installation in Southeast Asia. It powers around 50,000 households and avoids approximately 214,000 tonnes of CO₂ annually2.
Lead Arranger for Abu Dhabi’s Al Dhafra Solar PV Project
Helping generate renewable energy in Abu Dhabi.
Background
The Al Dhafra Solar PV Project is a landmark renewable energy project in Abu Dhabi and one of the world’s largest single-site solar power plants, with a total capacity of 2GW.
Developed as part of the UAE’s broader energy transition strategy, the project aims to expand clean power generation while reducing reliance on conventional energy sources.
Masdar, and its partners Abu Dhabi National Energy Company (TAQA), EDF Renewables and JinkoPower, together with procurer Emirates Water and Electricity Company (EWEC), inaugurated the world’s largest single-site solar power plant ahead of the UAE hosting the UN climate change conference, COP28.
The project leverages advanced photovoltaic (PV) technology to deliver utility-scale renewable energy. The financing required a sophisticated structure to support a project of this scale, involving multiple financial institutions with clearly defined roles…
The transaction was designed to ensure long-term bankability, efficient risk allocation, and alignment with international project finance standards.
Standard Chartered’s role in supporting Masdar
- Mandated Lead Arranger
- Onshore Account Bank
- Onshore Security Agent & Hedging Bank
Impact
The plant generates enough electricity to power almost 200,000 homes annually and avoids more than 2.4 million tonnes of CO₂ emissions each year3. It stands as a benchmark for large-scale solar deployment globally and supports the UAE’s clean energy targets.
Lead Arranger for development of key phases of Mohammed bin Rashed Al Maktoum Solar Park
Helping generate renewable energy in UAE
Background
The Mohammed bin Rashid Al Maktoum Solar Park is the largest single-site solar park in the world based on the Independent Power Producer (IPP) model4. Developed in partnership with Dubai Electricity and Water Authority, the project supports the UAE’s transition to clean energy and its clean energy targets.
As part of Dubai’s flagship renewable programme, multiple phases of the solar park have been developed to significantly expand solar generation capacity, powering hundreds of thousands of homes while reducing carbon emissions at scale.
Masdar played a key role in developing major phases of the solar park, working closely with Dubai Electricity and Water Authority to deliver large-scale solar infrastructure.
The financing structure brought together multiple stakeholders and required robust coordination.
Standard Chartered’s role in supporting Masdar
- Mandated Lead Arranger
- Documentation Bank
- Bookrunner
- Global Agent
- Conventional Facility Agent
- Offshore Security Agent
- Onshore Security Agent
Impact
The solar park delivers clean electricity to hundreds of thousands of homes and avoids millions of tonnes of CO. It is a contributor to the UAE’s Clean Energy Strategy and reinforces Dubai’s position as a global leader in renewable energy deployment.
Footnotes
1 Masdar | Cirata Floating Solar Photovoltaic (FPV) Plant
2 Masdar | Masdar’s first floating solar power plant creates positive ripples in Indonesia