Renewable Energy Transition Trends in Indonesia: Investment Dynamics, Policy Framework, and Market Development Through 2030
Renewable Energy Transition Trends in Indonesia: Investment Dynamics, Policy Framework, and Market Development Through 2030
Reading Time: 30 minutes
Key Highlights
• Investment Gap Crisis: Indonesia attracted only USD 1.5 billion renewable energy investment in 2023, representing just 20% of the USD 8 billion annual requirement needed to achieve the 23% renewable energy target by 2025
• Policy Acceleration Framework: Presidential Regulation 112/2022 establishes new procurement mechanisms, ceiling-based tariff structures, coal plant retirement roadmaps, and fiscal incentives designed to accelerate renewable energy deployment for electricity supply
• Ambitious Infrastructure Pipeline: RUPTL 2025-2034 projects 69.5 GW new capacity additions by 2034, with 76% allocated to renewables or storage systems, requiring IDR 2,967 trillion (USD 182.5 billion) total investment over the planning period
• Market Transformation Dynamics: Solar photovoltaic capacity expanding at 24% CAGR through 2030, while hydropower maintains dominant 50.56% market share despite gradual displacement by newer renewable technologies with superior economics
Executive Summary
Indonesia confronts fundamental challenges in renewable energy transition despite possessing abundant solar, geothermal, hydroelectric, and biomass resources across its archipelagic territory. The nation established ambitious targets through National Energy Policy requiring 23% renewable energy share in the primary energy mix by 2025, subsequently revised downward to 17-19% following implementation difficulties, while longer-term objectives envision 31% renewable share by 2050 according to Government Regulation 79/2014. These targets represent critical components of Indonesia's nationally determined contributions under the Paris Agreement, with commitments to achieve net-zero emissions by 2060 or earlier depending on international support availability.1
Current renewable energy deployment significantly lags established targets, with installed capacity reaching only 12.3-14.68% of the national energy mix as of 2024, falling substantially short of the original 23% objective for 2025. Investment flows demonstrate this implementation gap, with Indonesia attracting merely USD 1.5 billion for renewable energy projects in 2023, translating to 574 MW additional capacity, while analysis indicates USD 8 billion annual investment required through 2025 to meet revised targets. This investment shortfall represents fundamental constraint on renewable energy expansion, exacerbated by higher cost of capital in Indonesian market characterized by 6.25% interest rates, regulatory uncertainties affecting project viability, and structural challenges within power sector dominated by state utility PT PLN.2
Government responses to accelerate renewable energy deployment include Presidential Regulation 112/2022, establishing comprehensive framework addressing longstanding barriers to renewable energy investment through revised procurement mechanisms, ceiling-based electricity purchase tariffs replacing previous cost-plus structures, accelerated licensing procedures, fiscal and non-fiscal incentives, and legal foundation for coal-fired power plant early retirement programs. This regulatory framework creates pathway for increased private sector participation in renewable energy development while managing transition from coal-dependent electricity generation infrastructure representing approximately 60% of installed generation capacity.3
This analysis examines Indonesia's renewable energy transition across policy frameworks, investment dynamics, technology deployment trends, financing mechanisms, and market structure evolution through 2030. Drawing on regulatory documents including National Energy Policy revisions, RUPTL electricity supply planning, Just Energy Transition Partnership implementation frameworks, and emerging market data from Indonesian renewable energy sector, the discussion provides foundation for understanding business opportunities, investment considerations, and strategic positioning across solar, wind, hydroelectric, geothermal, and bioenergy segments serving industrial, commercial, and utility-scale applications throughout Indonesian markets.
National Energy Policy Framework and Renewable Energy Targets
Indonesia's renewable energy policy framework operates within hierarchical regulatory structure established by Law 30/2007 on Energy, requiring government and regional authorities to increase renewable energy provision according to their respective jurisdictions. This foundational legislation mandates National Energy Policy (Kebijakan Energi Nasional, KEN) formulation by National Energy Council approved through parliamentary processes and codified in Government Regulation 79/2014. KEN establishes minimum renewable energy contribution targets of 23% in primary energy mix by 2025 and 31% by 2050, though recent revisions under consideration adjust 2025 targets to 17-19% range reflecting implementation challenges encountered across renewable energy deployment programs over past decade.4
National Energy General Plan (Rencana Umum Energi Nasional, RUEN) operationalizes KEN through detailed sectoral planning extending to 2050, establishing implementation roadmaps coordinating energy supply development, demand management, conservation programs, and renewable energy acceleration initiatives. Presidential Regulation 22/2017 codifying RUEN provides cross-sectoral framework ensuring energy independence and security supporting sustainable national development objectives. RUEN implementation requires Regional Energy General Plans (Rencana Umum Energi Daerah, RUED) at provincial level, with 33 of 34 provinces completing RUED establishment as of 2024, though four newly-formed provinces in Papua region remain in drafting stages.5
Regulatory Hierarchy and Planning Documents:
National Legal Framework:
• Law 30/2007 on Energy establishing renewable energy development mandates
• Government Regulation 79/2014 on National Energy Policy setting renewable energy targets
• Presidential Regulation 22/2017 on National Energy General Plan implementation
• Presidential Regulation 112/2022 on Renewable Energy Development Acceleration
• Presidential Regulation 73/2023 on procedures for RUEN and RUED preparation
Sectoral Implementation Regulations:
• RUPTL (Electricity Supply Business Plan) 2025-2034 power sector development planning
• RPMN (National Oil and Gas Management Plan) hydrocarbon sector guidance
• RUKN (National Electricity General Plan) electricity subsector strategic planning
• Ministry of Energy regulations on renewable energy procurement and tariffs
• Ministry of Finance regulations on fiscal incentives and guarantee facilities
Provincial and Local Planning:
• RUED Provincial (Regional Energy General Plans) for 33 established provinces
• Provincial medium-term development plans (RPJMD) energy components
• Local content requirements and community participation frameworks
• Provincial investment promotion and facilitation mechanisms
• Regional environmental management and spatial planning integration
International Commitments:
• Nationally Determined Contributions under Paris Agreement climate framework
• Net-zero emissions target by 2060 conditional on international support
• Just Energy Transition Partnership mobilizing USD 20 billion climate finance
• G20 sustainable recovery and clean energy transition leadership initiatives
• ASEAN regional energy cooperation and interconnection programs
Current renewable energy achievement demonstrates significant gap between policy targets and actual deployment, with national energy mix containing 13.29-14.68% renewable energy as of 2023-2024 depending on calculation methodology. Primary energy statistics from Ministry of Energy and Mineral Resources indicate coal dominance at 39.4% of primary energy supply, crude oil at 29.6%, natural gas at 17.0%, with renewable sources collectively representing approximately 13-15% including hydropower, geothermal, bioenergy, and emerging solar and wind capacity.6
Investment Requirements and Financing Gap Analysis
Indonesia requires substantial financial resources to achieve renewable energy targets, with investment needs estimated at USD 37 billion cumulatively through 2025 to reach original 23% renewable energy target according to Ministry of Energy and Mineral Resources projections. This translates to over USD 8 billion required annually from 2021-2025, contrasting sharply with actual investment levels attracting USD 1.51 billion in 2021 and declining to USD 1.5 billion in 2023, representing merely 20% of required annual investment levels.7
Longer-term investment requirements for renewable energy infrastructure deployment through 2030 exceed USD 146 billion according to Institute for Energy Economics and Financial Analysis assessments, while RUPTL 2025-2034 electricity sector planning identifies IDR 2,967 trillion (approximately USD 182.5 billion) total investment requirement for 69.5 GW new generation capacity through 2034, with 76% allocated to renewable energy and storage systems.8
Investment Landscape and Financing Sources:
Current Investment Performance:
• USD 1.5 billion renewable energy investment in 2023 from all sources
• 574 MW total renewable capacity additions in 2023 including 145 MW Cirata floating solar
• USD 565 million renewable investment in first half 2024 versus USD 2.4 billion to coal sector
• Investment stagnation over seven-year period from 2017-2024
• Indonesia lagging regional peers including Vietnam, Thailand, Philippines in deployment rates
Required Investment Levels:
• USD 8 billion annual requirement through 2025 for original 23% renewable target
• USD 146 billion cumulative through 2030 for climate target achievement
• IDR 2,967 trillion (USD 182.5 billion) for RUPTL 2025-2034 generation capacity additions
• Average annual investment needs of USD 15-18 billion through 2030 period
• USD 55.2 billion specifically for renewable power plants in RUPTL 2021-2030
International Climate Finance:
• Just Energy Transition Partnership (JETP) mobilizing USD 20 billion international finance
• Norway USD 25 million and UK USD 5 million equity investments in solar developer Xurya
• France and EU launching EUR 14.7 million Indonesia Energy Transition Facility February 2025
• World Bank, Asian Development Bank technical assistance and concessional financing
• Green Climate Fund, Global Environment Facility multilateral climate finance access
Domestic Financing Mechanisms:
• State budget allocations through Ministry of Energy and PLN capitalization
• PT Sarana Multi Infrastruktur infrastructure financing company support
• Green bonds issuance including USD 3.1 billion Patriot Bond for waste-to-energy projects
• Commercial bank project finance with government guarantees and risk mitigation
• State-owned enterprises direct investment in renewable energy subsidiaries
Presidential Regulation 112/2022 and Policy Acceleration Framework
Presidential Regulation 112/2022 on Acceleration of Renewable Energy Development for Electricity Supply represents most significant renewable energy policy reform enacted September 2022, addressing longstanding barriers to investment and deployment through comprehensive regulatory framework. This regulation establishes legal foundation for energy transition from coal-fired generation to renewable sources through five principal mechanisms including coal plant moratorium and retirement roadmap, revised tariff determination methodology, streamlined procurement procedures, fiscal and non-fiscal incentives, and interministerial coordination frameworks ensuring policy implementation across government agencies.9
Coal-fired power plant policy under Presidential Regulation 112/2022 implements moratorium on new coal plant construction except for facilities already included in RUPTL planning documents prior to regulation enactment or meeting specific exemption criteria. Exemptions permit coal plants integrated with industries increasing natural resource value-added or designated as National Strategic Projects contributing substantially to employment or economic growth, provided facilities commit to 35% greenhouse gas emissions reduction within ten years of operation compared to 2021 national coal plant average emissions, implement advanced technology, carbon offsets, or renewable energy co-firing arrangements, and cease operations no later than 2050.10
Presidential Regulation 112/2022 Key Provisions:
Coal Plant Management:
• Moratorium on new coal-fired power plant construction effective September 2022
• Ministry of Energy authorized to accelerate coal plant operational termination
• Exemptions for RUPTL-listed facilities and strategic industrial integration projects
• Maximum operation through 2050 for exempted facilities with emissions reduction commitments
• PLN mandated to prioritize electricity purchases from renewable energy sources
Tariff Structure Reform:
• Replacement of Generating BPP (cost-plus) basis with ceiling price methodology
• Technology-specific and location-specific ceiling tariffs for renewable projects
• Geothermal power receiving highest benchmark prices based on capacity and operations duration
• Tariff certainty improving renewable energy project bankability for private investors
• Competitive pricing framework encouraging technology cost reductions
Procurement Streamlining:
• Direct appointment and direct selection methods for renewable energy procurement
• Time-limited processes accelerating project development from planning to operation
• Simplified procedures for PLN renewable energy electricity purchases
• Assignment mechanisms to PLN subsidiaries for strategic project development
• Transparent evaluation criteria reducing discretionary decision-making
Fiscal and Non-Fiscal Incentives:
• Income tax incentives for renewable energy power plant developers
• Import duty exemptions on capital goods and equipment for renewable projects
• Blended financing support from state budget and state-owned enterprises
• Land acquisition facilitation through central and regional government assistance
• Enhanced geothermal energy specific incentives recognizing exploration risks
RUPTL 2025-2034 Electricity Sector Planning and Renewable Energy Targets
Electricity Supply Business Plan (Rencana Usaha Penyediaan Tenaga Listrik, RUPTL) 2025-2034 establishes PLN's ten-year infrastructure development roadmap projecting 69.5 GW total new generation capacity additions through 2034, with renewable energy and storage systems representing 76% or approximately 53 GW of planned additions. This planning framework translates national renewable energy policies into concrete generation project pipelines, transmission network expansions, and grid integration programs required achieving 34.3% renewable energy share in power mix by 2034.11
RUPTL 2025-2034 Renewable Energy Pipeline:
Generation Capacity Targets:
• 69.5 GW total new capacity additions through 2034 across all technologies
• 53 GW renewable energy and storage representing 76% of total additions
• 34.3% renewable energy share in total power mix by 2034 target
• Clean energy production quadrupling from 44 TWh to 172 TWh over planning period
• Fossil fuel generation increasing 40% from 295 TWh to 407 TWh same period
Technology-Specific Deployment:
• Hydroelectric power including pump storage and conventional hydropower projects
• Solar photovoltaic utility-scale and distributed generation targeting multiple gigawatts
• Geothermal power plant development across high-potential volcanic regions
• Wind power onshore and emerging offshore project pipeline
• Battery energy storage systems supporting variable renewable energy integration
Regional Development Priorities:
• Java-Bali system grid modernization supporting renewable energy penetration
• Sumatra corridor development connecting hydroelectric and geothermal resources
• Kalimantan expansion leveraging hydropower and solar potential
• Sulawesi and Maluku islands distributed renewable energy solutions
• Papua and eastern Indonesia off-grid and mini-grid renewable systems
Investment and Financing:
• IDR 2,967 trillion (USD 182.5 billion) total investment requirement through 2034
• Private sector participation through independent power producer model
• PLN subsidiary assignment model with strategic partner selection
• International climate finance integration with development bank support
• Blended finance structures combining public and private capital sources
Solar Photovoltaic Market Dynamics and Growth Trajectory
Solar photovoltaic technology demonstrates fastest growth trajectory among Indonesian renewable energy sources, expanding at 24% compound annual growth rate through 2030 driven by declining module costs, improved project economics, supportive policy frameworks, and increasing corporate demand for renewable electricity. Installed solar capacity totaled 322.6 MW as of first half 2023, expanding to approximately 700-800 MW by end 2023 including 192 MWac Cirata floating solar project representing largest floating solar installation in Southeast Asia.12
Solar PV Market Characteristics:
Utility-Scale Solar Projects:
• 145 MWac Cirata floating solar facility operational largest in Southeast Asia
• 50 MW Nusantara capital city solar project developed Sembcorp-PLN partnership
• 25 MW dual solar installations in Bali advancing through development pipeline
• Project assignment model through PLN subsidiaries with 51% majority ownership
• International developer participation including Masdar, Sembcorp, and regional players
Rooftop and Distributed Solar:
• 32.5 MW rooftop solar PV installed as of May 2023 with 72% household sector
• 3.6 GW rooftop solar target by 2025 under national deployment programs
• Net metering regulations revised multiple times affecting economic attractiveness
• Ministry of Energy regulations governing grid connection and export arrangements
• Commercial and industrial segment opportunities for corporate renewable procurement
Market Constraints:
• 200-300 MW installed solar capacity awaiting PLN grid connection permits
• Land acquisition challenges in densely populated high-demand regions
• Grid integration requirements and transmission capacity limitations
• PLN financial constraints affecting power purchase agreement execution
• Regulatory uncertainties and policy changes impacting investor confidence
Hydroelectric Power Resources and Development Potential
Hydroelectric power maintains dominant position in Indonesian renewable energy portfolio, commanding 50.56% market share in 2024 renewable energy capacity with established project base and substantial untapped potential across archipelago. Ministry of Energy data indicates mini and micro hydropower potential at 450 MW, though total theoretical hydroelectric potential significantly exceeds identified figures when accounting for conventional hydropower resources in Sumatra, Kalimantan, Sulawesi, and Papua regions where major river systems enable large-scale generation development.13
Geothermal Energy Development and Investment Framework
Indonesia possesses world's largest geothermal resources with potential estimated at 23,766 MW concentrated along volcanic arcs spanning Sumatra, Java, Bali, Nusa Tenggara, Sulawesi, and Maluku regions, though current installed capacity represents approximately 2,400 MW or 10% of theoretical potential demonstrating substantial unexploited resources. Geothermal power provides baseload renewable generation capability operating continuously regardless of weather conditions or time of day, complementing variable solar and wind resources while displacing fossil fuel baseload generation from coal and gas plants.14
Just Energy Transition Partnership and International Climate Finance
Just Energy Transition Partnership (JETP) announced November 2022 mobilizes USD 20 billion international public and private finance supporting Indonesia's energy transition including renewable energy deployment acceleration, coal-fired power plant early retirement, grid modernization enabling renewable energy integration, and just transition programs supporting affected workers and communities. This financing initiative represents largest climate finance commitment to single country outside multilateral development bank programs, combining concessional public finance from partner countries including United States, Japan, European Union members, Canada, Denmark, and Norway with private sector investment catalyzed through risk mitigation instruments, policy reforms, and blended finance structures.15
JETP Framework and Financing:
Financial Commitments:
• USD 20 billion total mobilization through 2030 from public and private sources
• USD 10 billion concessional public finance from bilateral and multilateral agencies
• USD 10 billion private sector investment through GFANZ coordination
• Norway USD 25 million and UK USD 5 million equity in Xurya solar developer
• France and EU EUR 14.7 million Indonesia Energy Transition Facility February 2025
Implementation Targets:
• 34% renewable energy in power sector by 2030 from current 12-15% levels
• Emissions peak before 2030 reversing current growth trajectory
• Net-zero power sector by 2050 through complete fossil fuel phase-out
• Coal plant early retirement programs reducing active generation capacity
• Renewable energy capacity additions exceeding RUPTL baseline planning
Corporate Renewable Energy Procurement and Green Power Mechanisms
Corporate renewable energy procurement mechanisms enable industrial and commercial customers sourcing green electricity meeting sustainability commitments, reducing carbon footprints, and potentially lowering energy costs compared to grid-supplied power. Indonesia developed regulatory framework supporting corporate renewable procurement through rooftop solar self-generation, captive renewable power plants supplying individual facilities, wheeling arrangements transmitting renewable electricity through PLN grid infrastructure, and emerging Renewable Energy Certificates market enabling attribute trading separate from physical electricity.16
Economic Analysis and Employment Implications
Renewable energy transition generates substantial economic benefits for Indonesia beyond greenhouse gas emissions reductions, including reduced fossil fuel import dependence, job creation across renewable energy value chains, improved public health from air quality improvements, and economic resilience against fossil fuel price volatility. Indonesia spent over USD 36 billion importing crude oil and natural gas in 2024 despite being historically energy exporter, with domestic oil production declining since 1997 increasing import reliance contradicting energy independence objectives.17
Conclusions and Strategic Implications for Business
Indonesia's renewable energy transition trajectory demonstrates significant potential constrained by investment gaps, policy implementation challenges, and structural barriers requiring systematic resolution through coordinated government actions, private sector engagement, and international support. Presidential Regulation 112/2022 establishes improved policy framework addressing historical impediments to renewable energy development, while RUPTL 2025-2034 planning and Just Energy Transition Partnership financing create pathways for accelerated deployment if successfully implemented.
Investment requirements approaching USD 15-18 billion annually through 2030 period exceed current flows by order of magnitude, necessitating dramatic private sector investment acceleration complementing public financing mobilization through JETP and development bank programs. Technology-specific opportunities vary across solar photovoltaic demonstrating highest growth rates, hydroelectric maintaining dominant market share with substantial undeveloped potential, geothermal providing baseload renewable generation with enhanced policy support, and bioenergy leveraging Indonesia's agricultural and forestry resource base.
Frequently Asked Questions
What is Indonesia's current renewable energy achievement versus policy targets?
Indonesia achieved 12.3-14.68% renewable energy share in national energy mix as of 2024, significantly below original 23% target for 2025. Government revised targets to 17-19% for 2025 acknowledging implementation challenges, with longer-term objectives of 31% by 2050 under Government Regulation 79/2014.
How much investment does Indonesia require for renewable energy targets?
Annual investment requirement exceeds USD 8 billion through 2025 for revised targets, with cumulative USD 146 billion needed through 2030 for climate objectives. RUPTL 2025-2034 identifies IDR 2,967 trillion (USD 182.5 billion) total investment requirement for 69.5 GW new generation capacity through 2034, with 76% allocated to renewables and storage.
What does Presidential Regulation 112/2022 accomplish?
Presidential Regulation 112/2022 establishes comprehensive renewable energy acceleration framework including coal plant moratorium and retirement roadmap, ceiling-based tariff methodology replacing cost-plus pricing, streamlined procurement procedures, fiscal and non-fiscal incentives, and enhanced geothermal energy support recognizing technology-specific development challenges.
Which renewable energy technologies show highest growth potential?
Solar photovoltaic demonstrates fastest growth at 24% CAGR through 2030 from low current base, driven by declining costs and policy support. Hydroelectric maintains 50.56% renewable market share with substantial undeveloped potential, while battery energy storage systems represent emerging opportunity supporting grid integration requirements.
What is Just Energy Transition Partnership and its financing commitment?
JETP mobilizes USD 20 billion international public and private finance supporting Indonesia's energy transition through 2030, comprising USD 10 billion concessional public finance and USD 10 billion private sector investment. Framework targets 34% renewable energy in power sector by 2030, emissions peak before 2030, and net-zero power sector by 2050.
What barriers constrain renewable energy investment flows?
Key barriers include higher perceived investment risks, 6.25% interest rates increasing capital costs, regulatory uncertainties affecting project economics, unfavorable historical tariff structures, grid connection complications, land acquisition challenges, and PLN financial constraints limiting power purchase agreement execution capacity.
How does RUPTL 2025-2034 plan renewable energy deployment?
RUPTL projects 69.5 GW new capacity through 2034 with 53 GW (76%) allocated to renewables and storage, targeting 34.3% renewable share in power mix. However, planning delays substantial renewable deployment until post-2030 period while permitting 40% fossil generation increase, creating tension with JETP commitments targeting emissions peak before 2030.
What corporate renewable energy procurement options exist?
Corporations access renewable energy through on-site generation including rooftop solar, captive power plants supplying individual facilities, wheeling arrangements transmitting renewable electricity through PLN grid, and Renewable Energy Certificates market established April 2025 enabling attribute trading separate from physical electricity.
What employment impacts result from renewable energy transition?
Analysis projects nearly 1 million renewable energy construction jobs and 1.8 million power generation positions by 2050, while 51,300 coal sector workers face displacement requiring reskilling programs. Near-term growth concentrates in solar installation, battery storage, grid infrastructure, and project development activities.
What strategic advantages support successful renewable energy businesses?
Success factors include strong government and PLN relationships influencing approvals, technical capabilities meeting international standards, financial engineering structuring bankable projects, stakeholder engagement building community support, regulatory navigation expertise, and patience managing complex permitting and longer development timelines characteristic of Indonesian infrastructure projects.
References and Data Sources:
1. Renewable Energy Indonesia. Kebijakan Energi Terbarukan dan Kedudukan Energi Terbarukan di Indonesia Saat Ini.
https://renewableenergy.id/kebijakan-energi-terbarukan/
2. IEEFA. (2024). Unlocking Indonesia's Renewable Energy Investment Potential.
https://ieefa.org/resources/unlocking-indonesias-renewable-energy-investment-potential
3. AHP Law Firm. Presidential Regulation 112: Indonesia's Commitment to Renewable Energy.
https://www.ahp.id/presidential-regulation-112-indonesias-commitment-to-renewable-energy/
4. Renewable Energy Indonesia. Kebijakan Energi Terbarukan dan Kedudukan Energi Terbarukan di Indonesia.
https://renewableenergy.id/kebijakan-energi-terbarukan/
5. Renewable Energy Indonesia. Perkembangan Kebijakan Energi dan RUED Provinsi.
https://renewableenergy.id/kebijakan-energi-terbarukan/
6. ICLEI. (2024). Rekomendasi Kebijakan Nasional untuk Transisi 100% Energi Terbarukan Subnasional di Indonesia.
https://renewablesroadmap.iclei.org/wp-content/uploads/2024/09/Rekomendasi-Kebijakan-Nasional.pdf
7. IISD. (2022). Indonesia Must Quadruple its Annual Renewable Investment Target to Reach its Climate Objectives.
https://www.iisd.org/articles/indonesia-annual-renewable-investment-target
8. IEEFA. (2024). Unlocking Indonesia's Renewable Energy Investment Potential - Technical Report.
https://ieefa.org/sites/default/files/2024-07/IEEFA Report - Unlocking Indonesia's renewable energy investment potential July2024.pdf
9. AHP Law Firm. Presidential Regulation 112/2022 on Acceleration of Renewable Energy Development.
https://www.ahp.id/presidential-regulation-112-indonesias-commitment-to-renewable-energy/
10. Bagus Enrico & Partners. (2022). Presidential Regulation 112/2022 to Accelerate Renewable Energy Development.
https://www.bepartners.co.id/news/newly-established-presidential-regulation-112-2022-to-accelerate-renewable-energy-development-in-indonesia
11. Mordor Intelligence. (2025). Indonesia Renewable Energy Market Size, Share, Growth & Industry Trends 2030.
https://www.mordorintelligence.com/industry-reports/indonesia-renewable-energy-market
12. IEEFA. (2024). Indonesia Solar PV Market Development and Growth Trends.
https://ieefa.org/sites/default/files/2024-07/IEEFA Report - Unlocking Indonesia's renewable energy investment potential July2024.pdf
13. Ministry of Energy and Mineral Resources. Potensi Energi Baru Terbarukan (EBT) Indonesia.
https://www.esdm.go.id/id/media-center/arsip-berita/potensi-energi-baru-terbarukan-ebt-indonesia
14. Ministry of Energy and Mineral Resources. Indonesia Geothermal Resource Potential.
https://www.esdm.go.id/id/media-center/arsip-berita/potensi-energi-baru-terbarukan-ebt-indonesia
15. Mordor Intelligence. (2025). Just Energy Transition Partnership Framework and Financing.
https://www.mordorintelligence.com/industry-reports/indonesia-renewable-energy-market
16. Chambers and Partners. (2025). Corporate Renewable Energy Procurement Mechanisms.
https://practiceguides.chambers.com/practice-guides/renewable-energy-2025/indonesia/trends-and-developments
17. World Resources Institute. (2025). Economic Benefits of Renewable Energy Transition in Indonesia.
https://www.wri.org/insights/indonesia-clean-energy-economic-growth-projections
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