Green Era acquires stake in Indonesia-based Star Energy
The acquisition marks the entry of Singapore-based Green Era into the renewable energy market in Southeast Asia.
Singapore-based Green Era Pte Ltd (Green Era) has announced that they have acquired a 33.33% stake in Star Energy Group Holdings Pte Ltd (Star Energy). This marks the launch of the Southeast Asian renewable asset portfolio of Green Era, a Pangestu Family Office special purpose vehicle.
Star Energy owns controlling stakes in geothermal energy assets in Wayang Windu, Salak, and Darajat geothermal power plant in Indonesia with a total gross generation capacity of 875 MWe.
Green Era acquired the 33.33% stake from BCPG Public Company Limited with an all-cash for shares consideration of USD 440 million, corresponding to 250,801 shares. The remaining 66.67% stake of Star Energy is still owned by PT Barito Pacific Tbk, an Indonesia-based integrated energy company.
“This acquisition is a major milestone to effectively launch Green Era’s exciting growth and investment plans moving forward. We’re acquiring a solid geothermal asset, with a proven track record and renewable technology, to achieve clean, sustainable, and profitable growth.” commented Green Era Managing Director Nancy Pangestu.
This acquisition is planned to only be the first in Green Era’s strategy of building a portfolio of renewable energy assets across Southeast Asia with the ultimate goal of supporting the global transition to net zero.
Source: Yahoo Finance