SEG Solar Attends 12th US-Indonesia Investment Summit, Driving Indonesia's Energy Transition

Jakarta, Indonesia, November 26, 2024 – SEG Solar (“SEG”), the U.S. leading manufacturer of photovoltaic modules, was invited to attend the 12th US-Indonesia Investment Summit, held at the Mandarin Oriental Hotel in Jakarta. The summit aimed to foster Indonesia’s energy transition and renewable energy development by attracting foreign investment and promoting sustainable growth. High-profile attendees included Indonesian President Prabowo Subianto, US Ambassador to Indonesia Kamala Shirin Lakhdhir, and John Goyer, Executive Director of the US Chamber of Commerce, along with industry leaders and experts from various sectors of the renewable energy industry.

During the summit, Michael Eden, Co-founder and General Counsel of SEG, participated in a roundtable discussion titled "Driving Sustainable Development through Energy Transition and Downstream Mining." Representing SEG, Eden shared the company's investment plans in Indonesia and its unique insights into the development of the Indonesian solar PV industry.

Indonesia, a major coal-consuming country, heavily relies on fossil fuels for its energy needs. According to the International Energy Agency (IEA), 81% of Indonesia's electricity consumption comes from coal, oil, and natural gas, with low-carbon energy accounting for only about 19% of the energy mix. Michael Eden noted that this presents a significant opportunity for the development of renewable energy in Indonesia. Given the current energy landscape and the Indonesian government's strong support for energy transition, SEG will work hand-in-hand with the government and local enterprises to facilitate the transformation of Indonesia's renewable energy industry. On the one hand, SEG is investing $500 million to build Indonesia's largest vertically integrated solar PV industrial park, thereby enhancing the local solar manufacturing supply chain. Once completed, the industrial park will enable SEG to deploy large-scale ground-mounted power stations and commercial solar projects, offering comprehensive and professional after-sales services. In the future, SEG will actively explore downstream solar PV industries to meet diverse clean energy demands.

Michael Eden further shared the latest progress of SEG's Indonesian solar PV industrial park. The project covers an area of 41.32 hectares and is divided into three phases, each with a planned production capacity of 5GW for cells, modules, silicon wafers, and polysilicon. The first phase, covering an area of 200 mu, will be equipped with 10 state-of-the-art N-type cell production lines. The main steel structure construction of the first phase is currently underway, and it is expected to be officially put into operation in September 2025. Upon completion, the industrial park will directly create over 3,000 local jobs, further boosting local economic development. Moreover, by optimizing and coordinating the internal supply chain with the US headquarters in Houston, the project will ensure product quality and timely supply.

Looking ahead, SEG will continue to focus on the development of the Indonesian renewable energy market. By introducing advanced technologies, cultivating local talent, and promoting industrial upgrading, SEG aims to build a globally competitive solar PV industry ecosystem in Indonesia, achieving mutual development for both parties.

About SEG Solar

Founded in 2016, SEG is a leading vertically integrated PV manufacturer headquartered in Houston, Texas, U.S., and is dedicated to delivering reliable and cost-effective solar modules to the utility, commercial, and residential markets. By the end of 2023, SEG had shipped over 5 GW of solar modules worldwide. The company is expected to exceed a production capacity of 5.5 GW by the end of 2024.