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Vena Energy, Suntech, others explore solar panel parts production in Indonesia

Reuters SG
·1-min read

JAKARTA, Aug 7 (Reuters) - Four foreign renewable energy companies said on Monday they will jointly explore opportunities to produce solar panel components and energy storage systems in Indonesia.

Singapore-based Vena Energy, China's Suntech and REPT Battero, and US-based Powin aim to produce components of solar photovoltaic panels and energy storage systems, which will also be used in Vena Energy's solar project in Indonesia's Riau Islands.

The solar power plant will have a capacity of up to 2 gigawatts and battery systems with a potential storage capacity of more than 8 gigawatt hours, the companies said in a statement.

Vena Energy chief executive Nitin Apte said the investment would reach billions of dollars, according to news website Bisnis.com.

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Indonesia is aiming to reach net-zero emissions before 2060 and wants to boost its use of renewable energy to do so. More than half the country's power demand is currently sourced from coal, of which it is a major global producer.

(Reporting by Fransiska Nangoy; Editing by Kanupriya Kapoor)