PT Pertamina Power Indonesia (“PPI”) and HyET Solaris Netherlands BV (“HyET Solaris”) have signed a Non-Binding Term Sheet expressing their shared interest in exploring a strategic cooperation to manufacture lightweight and flexible PV products in Indonesia. The collaboration aims to accelerate the availability of innovative solar technology across the ASEAN region while strengthening Indonesia’s domestic renewable energy manufacturing capabilities. Invest International has signed a Letter of Intent for their involvement in the collaboration.
Pilot project to demonstrate commercial feasibility
As a first step, the parties intend to jointly develop a pilot project in Indonesia that will validate the commercial feasibility of producing and marketing HyET Solaris’ lightweight and flexible PV products—most notably the company’s Luxifoil technology. The pilot initiative includes the construction of a dedicated 50 MWp/year pilot factory, representing a modular production line that will serve as the foundation for future large-scale expansion.
Flexible thin-film PV products such as Luxifoil offer unique advantages compared to traditional rigid solar panels. Their low weight, robustness, and adaptability open new application possibilities across industrial, commercial, and consumer markets. These attributes make them a strong complement to conventional PV systems.
Strengthening Indonesia’s renewable energy ecosystem
Indonesia remains heavily reliant on imported solar components. With approximately 90% of the raw materials required to manufacture Luxifoil available locally, the country is well positioned to become a competitive regional production hub for advanced PV technologies. The pilot project is expected to support Indonesia’s growing renewable energy ambitions and stimulate local value creation. On top of that, this is in line with Indonesian’s government objectives of the industry’s downstreaming, job creation, supporting country’s growth as well as developing high technology industry in Indonesia.
The investment for the pilot factory is currently estimated at €65.4 million, subject to confirmation through a detailed Feasibility Study. Data gathered from the pilot phase will enable the parties to assess the economics and viability of scaling up to a full-size, 1 GWp/year PV manufacturing facility in Indonesia.
Pathway to long-term collaboration
Subject to positive pilot results, PPI and HyET Solaris intend to expand their cooperation, potentially forming a joint venture that may receive an exclusive commercial license to manufacture and supply HyET Solaris products throughout the ASEAN region. Discussions regarding equity structure and ownership share will continue as part of the next phase of collaboration.
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