Power plant developer plans IPO
Tuesday, February 7 2017 - 01:43 AM WIB
Independent power producer PT Terregra Asia Energy plans to launch an initial public offering in a bid to raise public funds to help finance its renewable-based power plant projects.
Terregra Asia, which was previously engaged in the supply of technological services and components to state-owned electricity firm PT PLN, but has since 2009 switched to renewables power plant development, aims to raise between Rp 150 billion and Rp 200 billion by selling 21 percent shares. The company is scheduled to list its shares on the Indonesia Stock Exchange on May 8.
?We?re focused on renewable energy: min hydro and solar energy,? said Christin Soewito, Corporate Secretary of Terregra Asia following a public expose meeting on Monday.
She said that the company is currently developing a 72 MW mini hydro power plant in North Sumatra. She added that the company plans to develop four other mini hydro power plant projects with combined capacity of 40 MW in North Sumatra. She said that power purchase agreement (PPA) PLN has been signed for one of the four projects.
Securities firm PT Lautandhana Securindo has been appointed as lead underwriter of the planned IPO. (*)