Renewable energy company Masdar on Thursday announced a joint venture with PT Mitrabara Adiperdana Tbk (Mitrabara), a conglomerate focused on the energy sector, to target the fast-growing commercial and industrial (C&I) segment of the renewable energy market in Indonesia.
The joint venture, 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.
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.
Masdar entered the Indonesian market in 2020, forming a joint venture with PT PJBI, a subsidiary of Indonesia’s state electricity company, 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 a financial close on the project last August, and it is expected to begin commercial operation in the fourth quarter of this year.
Established in 1992, Mitrabara has a longstanding history in the energy sector, with extensive knowledge and expertise in the field.
The move supports Indonesia’s plans towards achieving net-zero emissions by 2060 or sooner, with renewable energy providing up to 85 percent of the energy mix by that date.
The nation, the largest energy consumer in the Association of Southeast Asian Nations (ASEAN), is targeting reducing greenhouse gas emissions by 41 percent by 2030 with international assistance.