Indonesia coal giant Indika Energy to invest US$500m in renewables under new energy strategy

[JAKARTA] At the Group of 20 meetings in Bali in November, some of the world’s political and business leaders had a taste of the future of transportation in Indonesia when they rode on an electric bus produced by Indika Energy Group and Foxconn.

Indika – one of Indonesia’s top diversified conglomerates with businesses including energy, mining, logistics, infrastructure and digital startups – is betting heavily on renewable energy and electric vehicles (EVs).

President director Arsjad Rasjid told The Business Times in an interview that Indika has teamed up with Fourth Partner Energy – a solar developer in India – to establish a US$500 million joint venture to invest in Indonesia’s green energy sector. (*See amendment note)