BCGP acquires more than 33% shares of Star Energy
Tuesday, August 1 2017 - 02:05 AM WIB
Thailand?s BCPG PCL said it has obtained syndicated loan worth US$300 million to help finance the acquisition of 33.3 percent shares in Star Energy Group Holding Pte Ltd, which have three major geothermal power plant projects in Indonesia.
BCPG said in a statement obtained on Monday that the loan agreement was signed on July 20 with Bangkok Bank, Mizuho Bank, and Industrial and Commercial Bank of China ?to support the investment in geothermal power projects in Indonesia? through the acquisition of the Star Energy shares.
BCPG obtained shareholders? in June for the acquisition of the Star Energy stake with capital investment not exceeding US$357.7 million.
The company said that through the investment, BCPG will hold an indirect equity in three geothermal power projects with an equivalent total power production capacity of 182 megawatts.
Investment details include 20 percent stake in the 347 MW Wayang Windu power plant project (127 MW of which are already in operation), 17.3 percent in Salak power plant, with a total production capacity of 377 MW equivalent of electricity and steam, and 17.3 percent in Darajat power plant, with a total production capacity of 271 MW equivalent of electricity and steam.
All the projects have long term feed-in tariff contracts with Indonesia?s state-owned electricity firm PT PLN.
?After the completion of the shares transfer, the company expects to realize profits immediately in the third quarter of this year of this year,? BCPG said in the statement.
The remaining 66.6 percent shares in Star Energy is held by IDX-listed PT Barito Pacific Tbk, which is controlled by Indonesian tycoon Prajogo Pangestu.
Editing by Reiner Simanjuntak