Sumitomo to invest over $17 bil. in Indonesia hydropower project


Japanese trading house Sumitomo Corp. will invest over $17 billion in an Indonesian mega hydropower plant project on Borneo Island, in a bid to help Indonesia achieve its goal of net zero carbon emissions by 2060, according to its CEO. Sumitomo CEO Masayuki Hyodo made the remarks late Sunday following the signing of an agreement between his firm and Indonesia's state-owned electricity company PT Perusahaan Listrik Negara on the sidelines of the summit of the Group of 20 major economies on the resort island of Bali. The $17.8-billion Kayan Cascade project aims to make the biggest hydropower pla...

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