Green Era buys USD-440m stake in Indonesian geothermal co Star Energy

The Star Energy Geothermal power plant in Indonesia. Source: Chandra Asri Petrochemical.

March 8 (Renewables Now) - Green Era Pte Ltd, a Singapore-based renewables investment arm of the Pangestu family, has closed the acquisition of a minority stake in geothermal-focused holding company Star Energy Group Holdings Pte Ltd for USD 440 million (EUR 403m).

Under the terms of the all-cash deal, Green Era has bought 250,801 shares that represent 33.33% of all shares issued and paid up in Star Energy. The remaining 66.67% continue to be held by Indonesia-based diversified group PT Barito Pacific Tbk (IDX:BRPT), which is majority-owned by the Pangestu family.

Through its subsidiaries, Star Energy has control over geothermal energy plants in Indonesia with a total gross capacity of 875 MW. The portfolio includes the Wayang Windu, Salak and Darajat geothermal power plants.

Green Era said in a statement that the acquisition of this ownership interest is the first under its merger and acquisition (M&A) strategy targeting growth in renewables across Southeast Asia.

(USD 1.0 = EUR 0.916)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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