Jakarta (Indonesia Window) - The Crown Prince of the United Arab Emirates (UAE), Sheikh Mohamed bin Zayed, said that his government is ready to invest 22.8 billion US dollars in Indonesia.

"Indonesia is our very best friend. In addition, Indonesia is also one of the countries with the biggest Muslim population. We want to contribute more to Indonesia, "Prince Sheikh Mohamed bin Zayed said during a tété a tété session with President Joko Widodo at Qasr Al Watan Palace, the UAE on Sunday (Jan 12).

The funds were invested through the Sovereign Wealth Fund together with Softbank (Japan) and the International Development Finance Corporation (the United States), according to a press release from the Indonesian Ministry of Foreign Affairs quoted here on Wednesday.

A total of 11 business agreements have been agreed between Indonesia and the UAE part of which concerning energy including the construction of a Floating Solar Power Plant (PLTS) in the Cirata Reservoir, West Java.

The new renewable energy company (EBT) Masdar, based in Abu Dhabi, will partner with PT Pembangkit Jawa Bali Investment (PJBi) in the construction of the Cirata Floating PLTS with a capacity of 145 megawatts Peak (MWp).

Investment in the plant is estimated to reach Rp1.8 trillion (US$131,7 million).

Cirata Floating PLTS is projected to break the record of the largest solar powered generator in Southeast Asia after the PLadi Cadiz Solar Powerplant in the Philippines, amounting to 132.5 MW.

Besides the PLTS development, Indonesia and the UAE also agreed to cooperate in a number of oil and gas projects, such as the development of the RU V Balikpapan Refinery Development Master Plan (RDMP) in East Kalimantan.

The project will be undertaken by Pertamina with Mubadala.

In addition, the development of crude oil potential in Balongan (Indramayu, West Java) and the supply of Liquefied Petroleum Gas (LPG) by Pertamina and the national oil company Abu Dhabi ADNOC are also among the agreements reached between the two countries.

In the mineral sub-sector, Emirates Global Aluminum (EGA) and PT Indonesia Asahan Aluminum (Inalum) will work together to increase the production of ingot alloys and billets.

During the trial period, additional production is planned to be around 20 thousand tons. At present the normal production capacity reaches 250 thousand tons.

Reporting by Indonesia Window