Indonesian Star Energy planning IPO by mid next year

Wayang Windu Unit II, West Java, Indonesia (source: Aecom)
Alexander Richter 21 Jul 2011

Indonesian Star Energy is planning an IPO by the middle of next year, delaying earlier plans for an IPO this year, following a one-year delay in one of its key geothermal projects.

In the news at Wall Street Journal yesterday, it is reported that Indonesian PT Star Energy, one of the country’s biggest geothermal power companies, “is delaying plans for an IPO until next year”, focusing on working on its third geothermal power plant.

The cash position of the company is currently sufficient due to a US$350 million bond offer last year. The reason for this is that the third geothermal power project has been delayed.

“The company will start construction next year on the third plant in West Java, which will add to the company’s geothermal power-generating capacity from the current 230 MW”, so the company’s CEO Bret Mattes.

The company plans to boost this capacity to 600 MW by 2014 and there are also some international plans.

Source: Wall Street Journal