Hero Global Investment Will IPO, 25 Percent Of Its Shares Are Purchased By Japanese Investors

IDX (Photo: Antara)

JAKARTA - The renewable energy industry company PT Hero Global Investment Tbk (HGII) plans to immediately conduct an Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX).

Along with the plan, HGII announced a strategic partnership with an open company at the Tokyo Stock Exchange, namely Shipoku Electric Power Company Inc or Yonden (TYO:9507) which is engaged in generating and selling electricity in the Shikoku region, Japan.

HGII President Director Robin Sunyoto hopes that this partnership will be an important milestone in increasing new and renewable energy plants (EBT) in Indonesia, along with Yonden's expertise in the portfolio of EBT generators of more than 1,000 mega watts (MW).

Yonden through his subsidiary, SEPT International Netherlands BV (SEPI) has signed a Conditional Sale and Purchase Agreement with HGII Controlling Shareholders on November 8, 2024.

SEPI will join as one of HGII's shareholders through a sale and purchase transaction of some shares belonging to the Controlling Shareholders, no later than one month after HGII is listed on the IDX.

"After the transaction, the Controlling Shareholders still have control over HGII with a majority ownership of 55 percent and SEPTI of 25 percent," said Robin quoting Antara.

Robin explained that the share ownership structure reflects the commitment of both parties to combine strength in developing HGII in the renewable energy sector in Indonesia.

"Collaboration with Yonden provides a great opportunity for HGII to accelerate the growth of renewable energy in Indonesia. In line with the national goal of achieving net zero emissions by 2060, HGII is committed to expanding its renewable energy portfolio," said Robin.

Robin explained that HGII's expansion plan is to develop renewable energy in the future, including hydroelectric power plants (PLTA), minihydro power plants (PLTM), solar power plants (PLTS), biogas power plants (PLTBg), and biomass power plants (PLTBm) with a capacity target of up to 100 MW in 2031.

He said Yonden's technical support and experience at the project development and development stage as well as in terms of O&M (operation and maintenance) would strengthen HGII's ability to manage power plants optimally and sustainably.

"Together with Yonden, HGII is optimistic that it will make a significant contribution to the renewable energy industry in Indonesia," said Robin.