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Japan's JERA divests stake in Indonesian coal plant

Utility company sells its 14% holdings in Paiton Energy to Medco

JERA is in the process of reorganizing its power generation business overseas. (Photo by Manami Yamada)

TOKYO -- Japanese utility JERA has sold off its entire stake in an operator of coal-fired power plants in Indonesia as it joins a host of Japanese companies moving away from coal and reducing their carbon footprints, the company said on Friday.

The joint venture owned equally by Tokyo Electric Power Co. and Chubu Electric Power sold its 14% stake in Paiton Energy to Indonesian energy company Medco for an undisclosed sum. The transaction was completed on Thursday.

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