(Aug 19): Malaysia's reNikola Holdings is planning to invest over US$240 million (RM1 billion) 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 one 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% 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.

Uploaded by Magessan Varatharaja