SINGAPORE: Malaysia's reNIKOLA Holdings is planning to invest over US$240 million to develop 40 compressed biomethane gas projects in Indonesia, the renewable energy company said on Monday in a statement.
The Kuala Lumpur-headquartered company said its subsidiary PT reNIKOLA Primer Energi planned to develop the projects with PT Perkebunan Nusantara IV, a division of Indonesia's state-owned agricultural enterprise Perkebunan Nusantara.
reNIKOLA also announced it signed an agreement with Perkebunan Nusantara IV to build, own, operate and transfer a compressed biomethane gas project in North Sumatra.
reNIKOLA owns and operates solar plants across Malaysia and Indonesia with a combined generating capacity of 220 megawatts and aims to expand its capacity to 1 gigawatt-peak, according to its statement.
The company said it would collaborate further with Indonesian state-owned companies like Perusahaan Gas Negara and Perusahaan Listrik Negara to support Indonesia's goal of achieving a 26 per cent renewable energy mix by 2030.
The group is exploring alternatives such as large-scale solar and hydro projects as replacements for conventional fossil fuels, with a focus on the bioenergy sector, it added.