Barito Pacific Owned By Conglomerate Prajogo Pangestu Wants to Bring Star Energy IPO

JAKARTA - PT Barito Pacific Tbk (BRPT) plans to bring their subsidiary, PT Star Energy Geothermal, to the capital market through an initial public offering (IPO). Star Energy itself is building a geothermal power plant project to support the company's performance.

Barito Pacific Vice President Director Rudy Suparman explained, Barito Pacific as a holding company that has become a public company wants to encourage other entities in the Barito group belonging to the conglomerate Prajogo Pangestu to also be listed on the Indonesia Stock Exchange (IDX).

"We hope that Star Energy can also become a public company," said Rudy in a virtual public expose, last Friday, October 15.

For information, apart from Barito Pacific, currently, PT Chandra Asri Petrochemical Tbk (TPIA) has become a public company. As for Star Energy's IPO, according to Rudy, some preparations need to be made, so that his party will provide further explanation regarding this matter.

Star Energy has a solid track record of operations where they have three operational assets with a total installed capacity of 875 MW. The first asset is the Wayang Windu geothermal power plant (PLTP) located in Bandung, West Java. Wayang Windu has an installed capacity of 227 MW.

Then, there is the Salak PLTP in the Bogor and Sukabumi areas with an installed capacity of 377 MW. Finally, there is the Darajat PLTP in Bandung and Garut with a capacity of 271 MW.

Currently, Star Energy is building a binary power plant in Salak. Binary generators can minimize the footprint on conservation areas, because they take advantage of existing road areas, can extract heat from hot brine, reduce the use of electricity for personal use, and require minimal maintenance.