Geo Energy makes foray into renewables even as it doubles down on coal
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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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