Swedish company Minesto has signed two collaboration agreements to explore the development of tidal energy projects in in Nusa Tengara Barat region in Indonesia.
A memorandum of understanding (MoU) has been signed between Minesto and the regional player Eco Regions Indonesia , as well as a letter of intent (LoI) between Minesto and the Nusa Tengara Barat (NTB) region.
The initiative in Indonesia is part of Minesto’s broader market establishment in Southeast Asia. The Nusa Tengara Barat region has ambitious sustainability goals and is a forerunner in Indonesia’s energy transition, according to the company.
The regional commitment and availability of ocean currents make Nusa Tengara Barat a favourable entry market for Minesto in Indonesia, the Swedish developer added.
The collaboration agreements include feasibility studies on the natural resource, infrastructure, and finance, and are based on collaborative work to integrate Minesto’s technology as a part of the 100% renewable energy mix in the region , starting with the Special Economic Zone (SEZ).
Martin Edlund , CEO of Minesto, said: “Minesto has been received with serious and strong interest and excitement by a range of stakeholders in Indonesia. Our participation in the Sweden-Indonesia Sustainability Partnership (SISP) Energy Alliance on government level further supports the implementation roadmap to build sustainable and affordable electricity generation based on our technology in Indonesia.”
Minesto is a new member of the bilateral program Sweden-Indonesia Sustainability Partnership (SISP) Energy Alliance, and the collaboration agreements signed today is a first step towards build out of several key interest areas in Indonesia.
As the fourth largest country by population and one of the largest ocean territories in the world, Indonesia faces a true challenge in the transition from fossils to affordable and suitable renewables .
Indonesia consists of more than 17 000 islands, all relying on fossil energy such as coal and diesel, but also possesses one of the world’s largest tidal and ocean current natural resources, according to Minesto.
“It is central for Minesto’s commercial roll-out to establish initiatives in the largest markets with respect to the availability of ocean and tidal currents. In these countries, we can make a significant impact on the roadmap towards a true renewable energy mix,” Edlund concluded.