ACWA Power, Saudi Arabia’s biggest power plant company, has expressed its intention to invest USD 6-billion in the new renewable energy sector development in Nusantara (IKN), Indonesia’s new state capital, according to reporting from Tempo.
IKN Authority’s Deputy of Financing and Investment Department Agung Wicaksono has conducted a one-on-one meeting with the Director Head of International ACWA Power Mohammad Al-Sulaiman at the company’s headquarters in Riyadh.
“ACWA Power will explore the investment opportunity in IKN which requires 7-gigawatts of installed plant with an investment requirement of USD 6-billion,” said Agung on Thursday (19/10/23.)
Earlier, CEO of ACWA Power Marco Arcelli expressed the company’s intention to invest in IKN during the Saudi-Indonesia Roundtable Forum in Riyadh on Thursday. He directly handed over the Letter of Intent (LOI) regarding the investment to Agung Wicaksono, which was also witnessed by the Investment Minister of Saudi Arabia Khalid A. Al-Falih, Indonesian Minister of Trade Zulkifli Hasan, and the Ad-Interim Coordinating Minister of Maritime and Investment Affairs Erick Thohir, report Tempo.
The handover process was directly followed by the one-on-one meeting between Agung Wicaksono and Mohammad Al-Sulaiman.
“For us in ACWA Power, the principle of ESG (Environmental, Social, and Governance) is highly important. So far, we have provided more than 50-gigawatts of power across the world,” Al-Sulaiman said after the one-on-one meeting.
Tempo say that during the same event, Agung explained the next step of this investment process is preparing the feasibility study to develop new renewable energy in IKN. Additionally, he mentioned that ACWA Power will be responsible for developing a green, clean, and dependable IKN along with various stakeholders.