Indonesian Coal Billionaire Invests In A Green Future

This story is part of Forbes’ coverage of Indonesia’s Richest 2024. See the full list here.

Garibaldi “Boy” Thohir’s coal miner, known until recently as Adaro Energy Indonesia, is doubling down on renewable energy, aiming to get over half of its revenue from non-coal businesses by 2030. To underscore its commitment, the company changed its name in November to Alamtri Resources Indonesia. Alamtri is derived from the Sanskrit words alam (nature) and tri (three), representing the three elements of air, land and water.

Its subsidiary Adaro Green is building a $2.6 billion hydropower plant in North Kalimantan province, where it is also developing what it claims will be the world’s largest green industrial park, spanning 16,000 hectares.

The Jakarta-based company is preparing to list its thermal coal unit Adaro Andalan Indonesia in December, which is expected to raise 4.3 trillion rupiah ($270 million), giving it an estimated market value of $2.7 billion.

A November announcement by Alamtri that it would distribute up to $2.6 billion in dividends by year-end drove up its shares. However, a recent Fitch Ratings report cautioned that Alamtri’s revenue would shrink substantially after the spin-off.

Last year, revenue dropped by a fifth to $6.5 billion, with thermal coal accounting for 83% of the total. Thohir’s fortune, which he shares with his family, is up 15% to $3.8 billion.