HD Capital to acquire renewables firm
Wednesday, August 30 2017 - 05:19 AM WIB
IDX-listed securities company PT HD Capital Tbk said it is to acquire a majority stake in PT Panca Sinergi Perkasa, a power company engaged in the development of renewable-based power plants in the country.
HD Capital said in a statement on Monday that a binding agreement for the acquisition had been signed on August 25. The company did not provide further details.
According to Panca website, the company plans to develop a portfolio of mini hydro power and solar power plants across the country. In the initial phase, it plans a combined 54.65 MW of mini hydro power plant projects with total investment of US$147.80 million including five in Sumatra, three in Sulawesi and one in Java. This forms part of the company?s plan to develop a total 300 MW of renewable power plants in the country.
As reported in this portal, Panca unveiled late in November of last year EPC tender for a mini hydro power plant project.
Editing by Reiner Simanjuntak