KONTAN.CO.ID - JAKARTA. PT Barito Renewables Energy Tbk (BREN), a subsidiary of PT Barito Pacific Tbk (BRPT) owned by tycoon Prajogo Pangestu, is expanding its business into wind-based electricity. The company has officially acquired the owner of the Sidrap Wind Power Plant (PLTB).

Through its subsidiary, PT Barito Wind Energy (BWE), BREN has completed the acquisition of 99.99% of shares in PT UPC Sidrap Bayu Energy from UPC Renewables Asia Pacific Holding Pte. Ltd. (UPCAPH), ACEN Renewables International Pte. Ltd. (ACRI), UPC Renewables Asia III Limited (Asia III), Sidrap (HK) Limited (Sidrap HK), and Sunedison Sidrap B.V. (SunEd BV).

The share takeover was completed by BWE on April 2, 2024. The details are as follows:

(a) 515,515 Class A shares and 34,368 Class B shares, representing approximately 99.99% of the total issued and paid-up capital of PT UPC Sidrap Bayu Energy (Sidrap 1) from UPCAPH, ACRI, Asia II, Sidrap HK, and SunEd BV, with a purchase price of US$ 101.92 million or equivalent to IDR 1.62 trillion. 

(b) 2,499 shares representing approximately 99.99% of the total issued and paid-up capital of PT UPC Operation and Maintenance Indonesia (OMI) from UPCAPH with a purchase price of US$ 297,017.89 or equivalent to IDR 4.72 billion.

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Barito Renewables Energy CEO, Hendra Tan, stated that this strategic move adds wind energy assets to BREN's portfolio. It complements the existing track record in the geothermal sector and reaffirms the commitment to contribute to sustainable energy in Indonesia.

"With the completion of this Sidrap acquisition, we are significantly realizing our mission to drive sustainable energy growth in Indonesia. It also reaffirms our dedication to leading renewable energy solutions for a greener future," said Hendra in an information disclosure on Wednesday (3/4).

Hendra added that the funding for this acquisition is supported by PT Bank Negara Indonesia (Persero) Tbk or BNI (BBNI). "We express our appreciation for BNI's support. Our partnership in this acquisition is proof of our joint commitment to renewable energy," added Hendra.

For information, the Sidrap PLTB is located in South Sulawesi. Sidrap is a pioneering and one of the largest wind power plants in Indonesia, with a capacity of 75 Megawatts (MW). This acquisition includes PT Operation and Maintenance Indonesia (OMI), a company that plays a crucial role in supporting Sidrap's operations.

In addition to the Sidrap and OMI acquisitions, Barito Wind has also completed the acquisition of three late-stage wind power plant development assets with a potential combined capacity of 320 MW located in South Sulawesi Province (Sidrap 2), Sukabumi, and Lombok in Indonesia.

In these three late-stage wind power plant development assets, Barito Wind owns 51% of the shares and the remaining 49% is owned by ACEN Investments HK Limited, a subsidiary of ACEN Renewables International, which is part of ACEN Corporation. A long-term strategic partner of Barito Renewables.

Furthermore, BREN also has a subsidiary, Star Energy Geothermal, which operates the Wayang Windu, Salak, and Darajat power plant units located in West Java with a total installed capacity of 886 MW.

From the stock movement perspective, in yesterday's trading (2/4), BREN strengthened by 325 points or rose by 6.02% to the price level of IDR 5,725 per share. 

Editor: Khomarul Hidayat