CNKO concludes acquisition of four hydro power plants

IDX-listed energy company PT Exploitasi Energi Indonesia Tbk (CNKO) has concluded acquisition of four mini hydropower plants in West Java and West Sumatra, Kontan daily reported on Saturday.

Henry Sitanggang, the company?s president director, said that CNKO acquired two minihydro power plants, each with capacity of 2 x 3 Megawatt (MW) in Sukabumi, West Java and another two, each with capacity of 2 x 3.25 MW in West Sumatra.

?We concluded the acquisition process early 2013. The electricity from the four power plants will be sold to PLN,? he said. The four power plants are scheduled for operation in 2014.

Henry said that the company would also acquire another minihydro power plant in West Sumatra with capacity of 5 MW. According to him, CNKO was currently conducting a due diligence study on the acquisition plan.

?The acquisition is expected to be concluded within the next few months,? he said, adding that the conditional sale and purchase agreement for the power plant was currently under completion. (*)