Eyeing 3 MW Biomass Project, EBT Company Kencana Lestari Acquires PT Biomass Energi Jaya Rp21.75 Billion

JAKARTA - PT Kencana Energi Lestari Tbk acquired the biomass company PT Biomassa Energi Jaya. The acquisition was carried out through Kencana Energi's subsidiary, PT Cahaya Permata Gemilang.

Kencana Energi Corporate Secretary Dian Rachmadani said the acquisition value of Biomass Energi Jaya reached Rp21.75 billion. This amount is equivalent to 99.99 percent of Biomass Energi Jaya shares.

"The source of the acquisition funds comes from internal cash," he said in a statement released Monday, February 14.

Dian added, the step of the company's subsidiary to acquire Biomass Energi Jaya is related to the acquisition of a biomass project with a capacity of 3 mega watts.

As for Dian, there was no material adverse impact on operational activities, law, financial condition, or the company's business continuity from the acquisition.

"This acquisition also supports business activities and hopes to make a positive contribution to the company and develop into a company that can compete with other companies in the same business field," Dian added.

For information, PT Kencana Energi Lestari Tbk is a new renewable energy provider company. Through its two subsidiaries, PT Bangun Tirta Lestari and PT Energi Sakti Sentosa, the company produces new and renewable energy for the needs of Indonesian industry and households.

The Company also continues to actively expand its business throughout the country. Kencana Energy has operated a hydropower plant in North Sumatra, namely PLTA Pakkat through PT Energi Sakti Sentosa and a hydropower plant in Bengkulu, namely PLTA Air Putih through PT Bangun Tirta Lestari.

In addition, it is also in the process of developing the Madong PLTMH in North Toraja. PT Kencana Energi Lestari Tbk will expand its business to various other locations in Sumatra and Sulawesi.