Engie to divest stake in Paiton Energy
Friday, December 11 2015 - 02:10 AM WIB
French energy company Engie SA, formerly GDF Suez SA, is in the process of selling its 40.5 percent stake in PT Paiton Energy, which operates a 2,000 MW coal-fired power plant in East Java, according to a source.
Engie is also selling its majority stake in a coal-fired power plant operator in India as the company exits coal-fired power plant projects and repositions itself as a renewables company.
The source said that Engie has signed preliminary agreement with three potential buyers of the Paiton Energy stake including from Malaysia, Thailand, and Singapore.
Paiton Energy is the largest independent power producer in Indonesia, owned by a consortium which includes Engie, Mitsui and Co, Tokyo Electric Power and PT Batu Hitam Perkasa. According to Engie?s website, Engie and Mitsui own 40.5 percent each in the project, while Tokyo Electric and PT Batu Hitam hold 14 percent and 5 percent, respectively.
Editing by Reiner Simanjuntak