Geo Energy makes foray into renewables even as it doubles down on coal
Uma Devi
COAL producer Geo Energy has signalled its continued commitment to the coal market, despite the commodity gaining a negative reputation from banks and investors amid rising environmental, social and governance (ESG) concerns.
Geo Energy recently announced that it would fork out just over US$154 million to acquire stakes in two Indonesian coal-linked companies. But the group’s chairman and chief executive Charles Antonny Melati said the company is also looking at investments or acquisitions in the renewables space, in a bid to diversify the company’s exposure.
In a recent interview with The Business Times, Melati said Geo Energy is “in discussions” with another company to diversify into renewables.
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