The Increase in Geothermal Electricity Capacity Encourages BREN's Revenue to Increase in 2023 to 594.9 Million US Dollars

JAKARTA - PT Barito Renewables Tbk (BREN) posted a 4.4 percent increase in revenue to 594.9 million US dollars in 2023.

The increase in income was driven by an increase in geothermal electricity capacity by 3.4 percent and adjustments to higher tariffs in the Salak, Darajat and Wayang Windu units. Then the company's net profit last year was 145.3 million US dollars.

BREN President Director, Hendra Soetjipto Tan, said that since 2023 the company has diversified its renewable energy portfolio beyond geothermal through the acquisition of wind power generation (PLTB) assets with large capacity potential.

"This further confirms our steadfast dedication in helping Indonesia's transition to cleaner energy sources," said Hendra in his statement, Tuesday, March 19.

According to him, strong cost discipline has paved the way for EBITDA growth in 2023 of 6.1 percent (YoY) to a record high of 501.9 million US dollars.

This resulted in an increase in EBITDA margin to 84 percent compared to 83 percent in the previous year.

"Our commitment to maintaining operational excellence is fully reflected in the realization of capacity factor, which will remain above 90 percent throughout 2023 and strengthening geothermal's strong position as renewable energy with reliable baseload energy," he explained.

He further said that in the future the company will be on the right and appropriate path in its expansion plans to operate a capacity of 1,300 MW by 2028.

"This condition will be achieved through the development of new units in our existing geothermal operating areas and the development of greenfield areas in the fields of geothermal energy and wind power," he said.