TBS Energi to Set Aside US$500 Million for Renewables and EV Projects

By Editorial Team 28/09/2022
Summary

PT TBS Energi Utama Tbk (TOBA) is reallocating its fossil fuel-based revenue to invest in the green energy sector. The company has been trying to be the catalyst for the energy transition in Indonesia throughout the first half of 2022 and achieve carbon-neutral status by 2030. It plans to spend US$500 million by 2025 on renewable energy and electric vehicle sectors. For renewables, TOBA, through its subsidiaries, has been constructing several mini-hydropower plants (PLTMH) with a total capacity of 6 megawatts, expectedly operational commercially in June 2024.

"To achieve our carbon neutral target by 2030, we will continue to invest the revenue in renewable energy sectors, including electric vehicle and other sectors such as hydro, wind, and solar power generation," TBS Energi president director Dicky Yordan revealed in a written statement on Tuesday.

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