HD Capital delays acquisition of power firm
Friday, December 15 2017 - 01:17 AM WIB
IDX-listed investment and securities company PT HD Capital Tbk said it will delay the planned acquisition of private power firm PT Panca Sinergi Perkasa (PSP), which is engaged in the development of solar and hydro power plants.
HD Capital said in a statement on Thursday that the delay was made as PSP has yet fulfill a number of conditions including approval from banks as its lenders.
?The (PSP) management ? is currently trying to get the letter of approval from the PSP creditors,? the statement said, but did not provide details.
HD Capital announced early in November it has signed an agreement to acquire 99.99 percent shares in PSP. The company said the acquisition of PSP will allow it 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.
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