Malaysian energy infrastructure company Yinson Holdings Bhd (KLSE:YINSON) has acquired a majority stake in Indonesian solar solutions provider PT Ineco Solar Solutions, thus setting foot into the country’s renewable energy market.
The acquisition has been carried out through Yinson Renewables, the green energy arm of the buyer, it said in a filing on Monday. It explained that its investment, the size of which was kept under wraps, is aligned with its growth strategy and the expected expansion of Indonesia’s renewable energy capacity.
Bali-based PT Ineco focuses on the design, installation and commissioning of photovoltaic (PV) plants in Indonesia and is active both in the residential and commercial rooftop solar segments. With Yinson on board, the company will seek to provide “all-in-one zero-capital solutions” and start offering independent power producer services at home and internationally.
“Indonesia contributes approximately a quarter of Southeast Asia’s economic activity and is expected to become a major global economy. With a nascent renewable energy market, Indonesia is poised to be a major hub of the energy transition,” said Yinson Renewables’ CEO David Brunt.
Indonesia, a major coal producer and exporter, has set a goal of moving away from fossil fuels and becoming carbon neutral by 2060. To support the target, the country’s government last year committed to deploying 20.9 GW of renewable energy capacity by the end f the decade, of which 4.7 GW will be solar PV.
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