Coal Billionaire Thohir to Use Profit Boom to Begin Green Shift
- Adaro to use windfall profit to fund hydro, solar projects
- Unit to spend $1 billion to produce aluminum for EV components
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PT Adaro Energy, one of Indonesia’s biggest coal miners, is shifting to renewable energy after making a fortune from surging commodity prices.
The company led by Garibaldi Thohir, the older brother of State Enterprises Minister Erick Thohir, is building solar-powered plants with over 200 megawatt capacity on retired mine sites in Kalimantan, Batam and Bintan provinces. It will also build hydro power plants in a green industrial park being set up by the government in North Kalimantan.