Lim Kok Thay’s Genting Bhd, the Malaysian casino billionaire, has announced a major investment of over $1 billion in clean energy projects in China and Indonesia. This move is aimed at accelerating the company’s shift away from coal towards more sustainable energy sources. In Indonesia, Genting’s subsidiaries have secured a nearly $1 billion contract for the construction of a floating liquefied natural gas facility that is expected to process up to 1.2 million metric tonnes per annum. The project, which includes additional expenses, is scheduled for completion by the second quarter of 2026 and will be located in West Papua, Indonesia.
Genting will finance the Indonesian project using internal cash reserves and project financing from a group of Chinese and international lenders. Additionally, the company’s unit, Genting MZW, has agreed to acquire a 49% stake in China’s SDIC Jineng (ZhouShan) Gas Power Generation, which is constructing two gas-fired power plants in Zhejiang Province. The acquisition is valued at $14 million, with an additional $46 million set to be invested in the project. Once completed, the two power plants are expected to add 754-megawatt capacity each to Genting’s existing 3,500 megawatts, bringing the total to 5,000 megawatts.
Lim Kok Thay, the chairman and CEO of Genting, has been actively expanding the company’s investments in renewable energy, with recent ventures in wind and solar power in India and China. These efforts reflect Genting’s commitment to transitioning to cleaner energy sources as part of its long-term sustainability strategy. Lim, whose net worth is estimated at $2.2 billion, has diversified his interests from the founding focus on integrated casino resorts to include real estate and palm plantations.
Genting’s Indonesian project involves the construction of a FLNG facility by Shanghai-based Wison New Energies, capable of processing gas from the Kasuri block in West Papua. The Indonesian government has agreed to supply 230 million standard cubic feet of gas per day to the facility for a period of 18 years. This initiative underscores Genting’s commitment to supporting the development of clean energy infrastructure in the region and reducing reliance on environmentally damaging coal-fired power plants.
The investment in China’s gas power generation sector will further expand Genting’s presence in the Asian energy market, complementing its existing portfolio of clean energy projects. The acquisition of SDIC Jineng (ZhouShan) Gas Power Generation represents a strategic move to diversify the company’s energy assets and tap into the growing demand for clean, sustainable power sources in the region. Genting’s transition from coal to clean energy is in line with global initiatives to combat climate change and reduce carbon emissions.
Overall, Genting’s multi-billion-dollar investment in clean energy projects across China and Indonesia highlights the company’s commitment to sustainability and environmental responsibility. By expanding its presence in the renewable energy sector, Genting aims to play a leading role in shaping the future of energy production in Asia and beyond. Lim Kok Thay’s vision for Genting as a global leader in clean energy reflects the company’s dedication to driving positive change and contributing to a more sustainable future for the planet.
