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Danantara to partner with UAE to develop 10 GW renewable energy, Luhut says
Danantara has the authority to set up joint ventures with any company, National Economic Council (DEN) head Luhut Pandjaitan said on Tuesday.
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Familiar face: Newly appointed chairman of the National Economic Council Luhut Pandjaitan (center) attends the inauguration of cabinet ministers and heads of government agencies on Oct. 21, 2024, at the State Palace in Jakarta. (Antara/Hafidz Mubarak A)
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ndonesia’s new sovereign wealth fund Danantara will develop 10 gigawatts (GW) of renewable energy under a joint venture with United Arab Emirates for its maiden project, according to a senior presidential economic advisor.
National Economic Council (DEN) head Luhut Pandjaitan said on Tuesday that he had discussed the cooperation with UAE Energy Minister Suhail Al Mazrouei, who expressed interest in teaming up with several state-run firms under Danantara to push the project forward.
“The beauty of Danantara is that it has the authority to set up joint ventures with any company,” said Luhut during a panel at the Indonesia Economic Summit held by the Indonesia Business Council at Shangri-La, Jakarta.
Read also: Industries urge govt to stay renewables course, despite US climate retreat
Abu Dhabi had been aware of Danantara for a while, Luhut added, and they would like to move “very quickly” with the state investment body that will be formally launched on Feb. 24.
The joint venture plan is in line with the country’s ambitious goal to add 75 GW of renewable power over the next 15 years, or roughly about 70 percent of its planned new energy capacity in 2040.
According to the Energy and Mineral Resources Ministry, 75 GW would come from renewable energy sources, such as wind, solar, hydro and geothermal. The rest would include 22 GW coming from natural gas powered plants and 5 GW of nuclear power.
