PP Energi to acquire power plant assets

PT PP Energi, a subsidiary of IDX-listed construction and engineering firm PT Pembangunan Perumahan Tbk (PP), plans to acquire power plant assets.

Kontan quoted PP Finance Director Tumiyana as saying Friday that the company aims to expand the power plant business of its subsidiary through acquisition.

Tumiyana said PP has allocated Rp 2 trillion-Rp 3 trillion funds to help finance the planned acquisition, but he declined to disclose the identity of the acquisition target and other details.

PP Energi has set a target to expand its power plant capacity to 650 MW from the current 100 MW.

This portal reported in October of last year, that PP Energi won tender held by state-owned electricity firm PT PLN to develop a 2x200 MW coal-fired power plant in Meulaboh, Aceh Province. PP Energi will team up with a Chinese firm and another local company in the estimated Rp 8 trillion project. (*)