JAKARTA – The Ministry of Energy and Mineral Resources (ESDM) revealed that investments in renewable energy (EBT) are expected to enter the second wave for Danantara Investment Management Agency (BPI).

Eniya Listiani Dewi, Director General of New and Renewable Energy and Energy Conservation (EBTKE), stated that the ministry is still identifying EBT projects to propose for investment.

"We are still identifying what we want to propose. Specifically for EBT, based on the Minister’s direction, it might come in the second wave," she said in Jakarta on Tuesday (11/3).

According to her, the first wave of Danantara BPI investments will focus on oil and gas. This move aims to accelerate the implementation of the Electricity Supply Business Plan (RUPTL) with substantial gas supplies.

"We are facing a significant gas shortage. This is also to speed up the implementation of RUPTL and the energy transition, which requires a lot of gas," she added.

As a result, shares of renewable energy issuers saw corrections on Tuesday afternoon. Shares of PT Pertamina Geothermal Energy Tbk (PGEO) fell 1.21%, or IDR 10, to IDR 815 at 14:20 WIB. Over the past week, the stock has dropped 4.68%, or IDR 40 per share.

Meanwhile, shares of PT Barito Renewables Energy Tbk (BREN) declined 1.61%, or IDR 100, to IDR 6,125 per share. Over the week, the price has decreased by 0.41%, or IDR 25 per share. (LK/ZH)