Barito Renewables Targets Sidrap And OMI Acquisition To Be Completed In The First Quarter Of 2024

JAKARTA - PT Barito Renewables Energy Tbk (BREN) through its subsidiary, PT Barito Wind Energy, continues to expand its business in the field of new and renewable energy (EBT).

Meanwhile, PT Barito Wind Energy has reached an agreement in principle (in-principle) today with UPC Renewables Asia Pacific Holdings Pte. Ltd and ACEN Renewables Pte. Ltd. This agreement paved the way for the acquisition of 100 percent shares of PT UPC Sidrap Bayu Energy (Sidrap).

Located in South Sulawesi, Sidrap is the first wind power plant and one of the largest in Indonesia with a capacity of 75 megawatts (MW.) As part of this strategic step, the acquisition will also include PT Operation and Maintenance Indonesia (OMI), which plays an important role in supporting Sidrap's operational activities.

The completion of the transaction is expected to be completed in the first quarter of 2024, with the terms and approval of the Indonesian State Electricity Company (PLN). This significant step affirms Barito Renewables' commitment to encourage sustainable energy solutions and contribute to Indonesia's renewable energy landscape.

Barito Renewables CEO Hendra Tan said he was very pleased to announce this strategic acquisition in-principle agreement. This marks the beginning of a step-up in the field of renewable energy in addition to geothermal which has been an integral part of the portfolio for decades.

"Barito Renewables is determined to support Indonesia's journey towards net-zero achievement and provide clean energy both within Indonesia and outside," said Hendra in a press release, Friday, December 8.

Meanwhile, Barito Renewables is also the owner of the Star Energy Geothermal which operates Wayang Windu, Salak, and Darajat units located in West Java with a total installed capacity of 886 MW. Thus, this acquisition adds to the BREN portfolio outside the geothermal business.