Diversified conglomerate Astra International plans to build two power plants with a total output capacity of 300 megawatts as part of a $450 million investment that forms part of its strategy to diversify away from automotive sales.
Through subsidiary Astratel Nusantara, the company will by 2017 build a hydroelectric plant and a coal-fueled plant, each with a 150 megawatt capacity.
Astra investor relations chief Iwan Hadiantoro said the group estimates the hydro plant, to be built in Sulawesi, will cost $250 million, while the coal plant, slated for Kalimantan, will cost $200 million.
“We will invite a strategic partner. We plan to have a joint contract agreement with a partner from Europe,” Iwan said in Jakarta on Tuesday.