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

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    • Arsjad Rasjid, president director of Indika Energy. TPG Rise Fund’s portfolio company Fourth Partner Energy entered into a JV with Indika, with US$500 million invested in renewable energy.
    • Arsjad Rasjid, president director of Indika Energy. TPG Rise Fund’s portfolio company Fourth Partner Energy entered into a JV with Indika, with US$500 million invested in renewable energy. PHOTO: ARSJAD RASJID

    Shoeb Kagda

    Published Mon, Dec 19, 2022 · 05:50 AM

    [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)

    Renewable energyIndonesiaAsean BusinessAsean

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