Indonesia’s Energy and Mineral Resources Ministry has awarded and signed 24 project contracts worth Rp3.04 trillion ($226.87 million). Meanwhile, Mitsui & Co., Ltd. of Japan announced that is acquiring 22.5% stake in Sydney-based New Forests Pty Limited.
Indonesia awards 24 projects worth $227m
Indonesia has awarded projects worth $227 million to state owned construction companies such as Wijaya Karya, Adhi Karya, Hutama Karya, Nindya Karya, Rekayasa Industri, Industri Telekomunikasi Indonesia and Len Industri.
The 24 projects were in sectors like gas pipeline network, solar power in eastern Indonesian region, community bio-gas project, micro hydro power plant and others.
“I have told the Energy Minister to increase the project realization to over 90 per cent. As projects are signed earlier, then the execution must be done fast as well, but still maintaining the project quality,” said Indonesia president Joko Widodo, who witnessed the signing ceremony.
Mitsui buying 22.5% in New Forests
In a press statement, Mitsui said, it was positioning this investment at the centre of its business portfolio. Through this investment, Mitsui will contribute to sustainable development while providing a stable supply of wood resources through New Forests’ business.
New Forests is an investment manager specializing in sustainable forestry and land management in Australia, New Zealand, Asia, and the United States. Founded in 2005, New Forests has assets under management of AUS$2.8 billion including more than 600,000 hectares of timber plantations, rural land, and conservation investments globally.
New Forests is one of the ten largest forestry investment managers in the world and the largest focused on the growing timber markets and plantation sectors of the Asia-Pacific region.
Over the past 30 years, institutional forestry investment, including funds, direct investments, and timber REITs, has grown to more than AUS$100 billion.
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