European firm commits to invest 2 billion USD in Indonesia’s renewable energy

Indonesia has secured a 2 billion USD worth of investment commitment in the renewable energy sector at the Indonesian-Europe Business Forum (IEBF) held recently in Jakarta, according to the Ministry of Foreign Affairs.

Thursday, October 19, 2023 16:53

European firm commits to invest 2 billion USD in Indonesia’s renewable energy ảnh 1

The Indonesia-Europe Business Forum in Jakarta on October 17. (Photo courtesy of Indonesia's Ministry of Foreign Affairs)

Jakarta (VNA) – Indonesia has secured a 2 billion USD worth of investment commitment inthe renewable energy sector at the Indonesian-Europe Business Forum (IEBF)held recently in Jakarta, according to the Ministry of ForeignAffairs.

The commitment is expected to fast-track Indonesia’s energytransition, the ministry said in a statement released on October 19.

Although the identity of the investor has not been disclosed, Indonesiansenior diplomat Umar Hadi shared that the investment commitments are worthapproximately fivefold of the transaction deals that IEBF and the INA-LAC, a businessgathering that brought together Indonesian as well as Latin American andCaribbean firms, had recorded.

Governmentestimates showed that the accumulated total of business transactions and signedcooperation agreements topped 482 million USD.

One of them is a memorandum of understanding (MoU) oncooperation between Ecoener, a Spanish renewable energy developer and Dredolf, an Indonesian company specialisingin operations and maintenance for power generation and electricity distribution.

According to Umar, major European investments seem to be headingto Indonesia. Last week, a European company announced a project to build anickel refinery in this Southeast Asian country./.

VNA

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