October 10, 2017 / 8:34 AM / 7 days ago

Enel sells stake in Indonesia coal producer for $85 mln

MILAN, Oct 10 (Reuters) - Italian utility Enel said on Tuesday it had sold a 10 percent stake in Indonesian coal producer PT Bayan Resources Tbk for $85 million in cash.

In a statement it said it had sold the stake to Dato Low Tuck Kwong, Bayan’s controlling shareholder.

The sale, part of an 8 billion euro asset sale programme, is in line with Enel’s strategy of zeroing the carbon content in its generation mix by 2050.

But Enel CEO Francesco Starace said Indonesia remained a country of interest for the company.

“We are involved in geothermic work and are assessing opportunities for other renewable energy projects,” he said.

Reporting by Stephen Jewkes

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