ASIATODAY.ID, JAKARTA – PT Barito Wind Energy, a subsidiary of PT Barito Renewables Energy Tbk. (BREN) officially acquired the Sidrap wind power plant (PLTB) with a transaction worth US$101.92 million.
On April 2 2024, PT Barito Wind Energy (BWE) completed the acquisition of PLTB Sidrap shares.
The details are, first, the transaction of 515,515 class A shares and 34,368 class B shares representing around 99.99% of the capital of PT UPC Sidrap Bayu Energi (Sidrap 1) worth US$101.92 million.
The sellers are UPC Renewables Asia Pacific Holdings Pte. Ltd, ACEN Renewables International Pte. Ltd, UPC Renewables Asia III Limited, Sidrap Limited (HK), and Sunedison Sidrap B.V.
Second, transaction of 2,499 shares representing around 99.99% of the total capital of PT UPC Operation and Maintenance Indonesia (OMI) from UPCAPH with a purchase price of US$297,017.89.
“The aim of taking over Sidap 1 and OMI shares is business development and strengthening the company’s business position in the field of new and renewable energy,” said BREN President Director Hendra Soetjipto Tan in a written statement, Wednesday, April 3 2024.
Previously, Barito Wind Energy had reached an agreement in principle on Friday, December 8 2023 with UPC Renewables Asia Pacific Holdings Pte. Ltd and ACEN Renewables International Pte. Ltd, paving the way for the acquisition of 100% of the shares of PT UPC Sidrap Bayu Energy (Sidrap).
Meanwhile, Sidrap PLTB is the first in Indonesia and one of the largest in Indonesia with a capacity of 75 MW. As part of this strategic move, the acquisition will also include PT Operation and Maintenance Indonesia (OMI), which plays an important role in supporting Sidrap’s operational activities.
All parties expect to carry out the transaction immediately with completion expected in the first quarter of 2024, subject to requirements and approval from the Indonesian State Electricity Company (PLN). This significant step confirms Barito Renewables’ commitment to driving sustainable energy solutions and contributing to Indonesia’s renewable energy landscape.
“We are very pleased to announce this strategic in-principle acquisition agreement. This marks the beginning of our footprint in the field of renewable energy other than geothermal which has been an integral part of our portfolio for decades. Barito Renewables is determined to support Indonesia’s journey towards achieving net- zero and providing clean energy both within Indonesia and abroad,” said Hendra Tan, in a press release.
Barito Renewables is also the owner of Star Energy Geothermal which operates the Wayang Windu, Salak and Darajat units located in West Java with a total installed capacity of 886 MW.
BREN is also keen on making acquisitions. On Wednesday, January 3 2024, BWE completed the takeover of 19,364 shares or 51% of the shares of PT UPC Sukabumi Bayu Energi from UPC Renewables Asia IV Ltd. and UP Sukabumi (HK) Ltd. Total capacity reaches 320 MW. (ATN)
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