PT Indika Energy Tbk (INDY) diversifies its business by entering the renewable energy sector.

The company is working on a solar panel project or photo-voltaic (PV) module and electric motor.

Indika Energy's Head of Investor Relations Ricardo Silaen said the government is now starting to promote renewable energy. At the same time, the government also issued a policy for building owners to use solar panels to reduce carbon emissions.

"The government requires a minimum of 30% of the area in government buildings to use solar panels. Meanwhile, for luxury houses, apartments and housing, a minimum of 25% is required," he said on Monday (28/6).

Seeing this opportunity, Indika Energy began to develop the solar panel business by collaborating with a solar panel developer from India, Fourth Partner Energy. As a result, Indika formed a joint venture company called Empat Mitra Indika Surya Power (EMITS) with a 51% share ownership through thi