Lim Kok Thay, the Malaysian casino billionaire and chairman/CEO of Genting Bhd, has announced that the company will be investing over $1 billion in clean energy projects in China and Indonesia. This move is part of their strategy to accelerate the transition away from coal and towards renewable energy sources. Genting’s wholly-owned unit Genting Oil & Gas and indirect subsidiary PT Layar Nusantara Gas have awarded a contract worth $962.8 million to Wison New Energies for the construction of a floating liquefied natural gas (FLNG) facility in Indonesia. This facility is expected to process up to 1.2 million metric tonnes per annum and will cost over $1 billion to complete.
The FLNG facility will be built at Wison’s shipyard in China and is expected to be completed by the second quarter of 2026. It will then be towed to West Papua, Indonesia, where it will process gas produced from the Kasuri block. The Indonesian government has agreed to supply 230 million standard cubic feet of gas per day to the FLNG for a period of 18 years. Genting has stated that they will be funding the Indonesian project using internally generated cash as well as project financing from a group of Chinese and international lenders.
In addition to the Indonesian project, Genting’s unit Genting MZW has agreed to purchase a 49% stake in China’s SDIC Jineng (ZhouShan) Gas Power Generation for $14 million. This company is currently constructing two 754-megawatt gas-fired power plants in Zhejiang Province, with Genting planning to invest an additional $46 million in the project. This acquisition will increase Genting’s gross installed electricity generating capacity from 3,500 megawatts to 5,000 megawatts. The company has been increasing its investments in renewable energy, including a wind farm in India and a solar plant in China, highlighting its commitment to transitioning to clean energy sources.
Lim Kok Thay’s Genting Group was founded by his late father Lim Goh Tong in 1965 with the aim of building an integrated casino resort in the Genting Highlands. Since then, the group has expanded its operations to include casinos in various countries such as the Bahamas, Singapore, the U.S., and the U.K. Lim, with a net worth of $2.2 billion, also has interests in real estate and palm plantations. This latest move by Genting to invest in clean energy projects reflects the company’s commitment to sustainability and reducing its reliance on coal as an energy source.
Overall, Genting Bhd’s announcement of over $1 billion investment in clean energy projects in China and Indonesia signals a significant shift towards renewable energy sources. With projects such as the FLNG facility in Indonesia and the gas power plants in China, the company is demonstrating its commitment to sustainability and reducing its environmental impact. Lim Kok Thay’s leadership and vision for the company are driving these efforts to transition from coal to clean energy, marking a significant milestone in Genting’s journey towards a more sustainable future.
