"Danantara to partner with UAE to develop 10 GW renewable energy, Luhut says" 18 February 2025

Indonesia’s new sovereign wealth fund Danantara will develop 10 gigawatts (GW) of renewable energy under a joint venture with United Arab Emirates for its maiden project, according to a senior presidential economic advisor.

National Economic Council (DEN) head Luhut Pandjaitan said on Tuesday that he had discussed the cooperation with UAE Energy Minister Suhail Al Mazrouei, who expressed interest in teaming up with several state-run firms under Danantara to push the project forward.

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The joint venture plan is in line with the country’s ambitious goal to add 75 GW of renewable power over the next 15 years, or roughly about 70 percent of its planned new energy capacity in 2040.

According to the Energy and Mineral Resources Ministry, 75 GW would come from renewable energy sources, such as wind, solar, hydro and geothermal. The rest would include 22 GW coming from natural gas powered plants and 5 GW of nuclear power.

Achieving this target will require at least US$235 billion in investment, as estimated by the state-owned electricity company PT PLN. Currently, renewable energy sources make up only 14 percent of the national energy mix, with the majority still generated from coal, oil and gas, according to Energy and Mineral Resources Ministry data.

President Prabowo Subianto said that Danantara’s immediate priority this year would be kick-starting 15 multibillion-dollar megaprojects without tapping external financing, such as renewable energy, advanced manufacturing, downstream industries and food production.
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