<![CDATA[This study aims to examine and analyze the effect of green investment, foreign investment, and energy consumption on the profitability of renewable energy projects in Indonesian companies. Profitability is measured using Return on Equity (ROE). The population comprises 15 companies engaged in new and renewable energy (NRE) projects in Indonesia. Applying purposive sampling based on the completeness of annual data for the 2020–2024 period yielded seven companies PT Alamtri Resources Indonesia Tbk, PT Arkora Hydro Tbk, PT Kencana Energi Lestari Tbk, PT Medco Energi Internasional Tbk, PT Pertamina Geothermal Energy Tbk, PT Bukit Asam Tbk, and PT TBS Energi Utama Tbk producing 35 panel observations. Secondary data were obtained from company annual reports and sustainability reports and analyzed using panel data regression. The Chow test identified the Common Effect Model (CEM) as the most appropriate estimator, and the model satisfied the classical assumption tests for normality, multicollinearity, heteroscedasticity, and autocorrelation. The partial (t-test) results show that green investment has a positive but statistically insignificant effect on profitability; foreign investment has a negative and significant effect on profitability, indicating that a higher share of foreign ownership tends to be associated with lower profitability; and energy consumption has a positive and significant effect on profitability, indicating that more productive energy use tends to improve earnings performance. Simultaneously (F-test), green investment, foreign investment, and energy consumption jointly and significantly affect profitability, jointly explaining 60.7% of its variance (Adjusted R² = 0.6065). These findings indicate that sustainability-oriented investment and external financing structures do not uniformly benefit corporate profitability, so companies need to manage green investment, foreign investment, and energy consumption more effectively to strengthen financial performance.]]>
