HD Capital acquires power company

By Romel S. Gurky

IDX-listed investment firm PT HD Capital Tbk said it has signed an agreement to acquire 99.99 percent shares in private power company PT Panca Sinergi Perkasa (PSP), which is currently developing a number of mini hydro and solar power plant projects.

HD Capital said in a recent statement that the acquisition of PSP will allow the company to get revenue starting the first quarter of 2019 from the sale of electricity to PLN from the PLTMH Kanzy 1 mini hydro power plant project in Pasuruan, East Java Province. No further details were provided.

According to PSP website, the company is currently developing a portfolio of minihydro and solar power plant projects across Indonesia. The initial phase will consist of nine minihydro power plants throughout Indonesia aggregating to 54.65 MW at a total capital expenditure of US$ 147.80 million. The initial phase projects will be located as follows: five in Sumatra, three in Sulawesi and one in Java.

Editing by Reiner Simanjuntak