PT Alamtri Resources Indonesia Tbk, formerly known as PT Adaro Energy Indonesia Tbk, is making great strides towards a renewable future, aiming to derive more than half of its revenue from non-coal ventures by 2030, the global media Forbes reported.

"Alamtri" combines Sanskrit words for nature (alam) and three (tri), symbolizing air, land, and water. The name change in November reflects the company's commitment to sustainable development.

Its subsidiary Adaro Green underpins the green business, which is constructing a $2.6 billion hydropower plant in North Kalimantan province. It is developing what it calls the world's largest green industrial part in the province, covering 16,000 hectares.

Based in Jakarta, Alamtri is gearing up for the December listing of its thermal coal division, Adaro Andalan Indonesia. The company is set to raise about 4.3 trillion rupiah ($270 million), valuing the unit at around $2.7 billion.

In November, Alamtri announced plans to distribute up to $2.6 billion in dividends before year-end, a move that has buoyed its stock prices. However, Alamtri's revenue may significantly contract after the spin-off, according to a recent report released by Fitch Ratings.

Forbes noted that the company's revenue declined 20% to $6.5 billion in 2023, with thermal coal contributing 83% of the total.

Additionally, the company plans to sell 65-67 million tonnes of coal in 2024, with 61-62 million tonnes of thermal coal and 4.9-5.4 million tonnes of metallurgical coal, local media Kontan reported on December 9.