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Coal giant Indika says it needs $250m for solar buildout
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Excavators owned by PT Petrosea are shown in this undated photo. The company is a subsidiary of publicly listed coal giant PT Indika Energy. (Courtesy of Indika)
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ublicly listed coal miner PT Indika Energy had said it will require US$250 million in capital expenditure to meet its target of developing 500 megawatts (MW) of solar power plant capacity by 2025.
Indika, through renewable energy joint venture Empat Mitra Indika Tenaga Surya (EMITS), aims to secure installation contracts with capacities of 80 to 100 MW in 2022 and 500 MW in 2025.
“Indika supports the national energy transition goal and [aims to] increase the competitiveness of the renewable energy industry in Indonesia,” said Azis Armand, Indika Energy’s vice president director, in a press conference on Monday.
Read also: Mining giant Indika to cut coal income to 50% with net-zero in mind
EMITS CEO Yovie Priadi said the company would sell its services to the industrial, commercial and utility sectors, including state-owned electricity company PLN.
“Indonesia, as the largest country in Southeast Asia, has great potential for developing solar power,” he said on Monday.
Indika, which earned 70 percent of its total 2020 revenue from coal sales, plans to diversify into logistics, metal mining, forest plantations and renewable energy, among other sectors.
