Royal Golden Eagle (RGE)—controlled by Indonesian billionaire Sukanto Tanoto—and French energy giant TotalEnergies agreed to develop a solar power project in Indonesia.
Under the deal that was announced this week, the two companies, through their 50:50 joint venture Singa Renewables, will develop, build, and operate a solar power plant with a battery energy storage system in Indonesia’s Riau Province, south of Singapore.
“We are taking meaningful steps to advance regional connectivity and contribute to the acceleration of the energy transition in the region,” Imelda Tanoto, managing director of RGE, said in the statement.
The project will be constructed in phases and will supply power for green industrial estates in Riau and also export the electricity to Singapore. The company, however, didn’t disclose when the project will be completed.
“Our utility-scale project underscores TotalEnergies’ commitment to supporting the region’s energy transition efforts, while ensuring energy security,” Helle Kristoffersen, president for Asia of TotalEnergies said.
Last September, Singa Renewables secured conditional approval from Singapore’s Energy Market Authority to import one gigawatt of solar-generated electricity to the city state.
With a real-time net worth of $3.4 billion, Tanoto is among the wealthiest in Indonesia. His privately held RGE is a diversified conglomerate with over $35 billion in assets across pulp and paper, palm oil, and energy industries, employing 80,000 people globally. Through his real estate arm Pacific Eagle Real Estate, he has expanded his property portfolio across China, Singapore and Europe.
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