Barito Renewable Energy Eyes IPO to Expand Its Green Energy Portfolio

By Editorial Team 13/09/2023
Renewables
Summary

PT Barito Renewable Energy, a subsidiary of PT Barito Pacific Tbk (BRPT), is preparing for an initial public offering (IPO) on the Indonesia Stock Exchange. The company is currently waiting for a pre-effective statement from the Financial Services Authority (OJK).

According to Datindo Entrycom President Director E Agung Setiawati, her company has been appointed as the Securities Administration Bureau for Barito Renewable Energy. “They have submitted registrations 1 and 2. Usually, they will get pre-effective status within ten days,” she said Tuesday.

Setiawati did not reveal the amount of funds that Barito Renewable Energy expects to raise from the IPO. However, she estimates that it will be more than Rp 1 trillion.

The IPO proceeds will support Barito Renewable Energy’s plans, one of which is to fund the acquisition of 100 percent of the shares of Star Energy Geothermal BV, the company that operates the Salak-Drajat Geothermal Power Plant.

Currently, Barito Renewable Energy owns 80.2 percent of Star Energy Geothermal shares through Star Energy Group Holding Pte Ltd. The remaining 19.8 percent of Star Energy Geothermal’s shares are still held by Acehi Netherlands BV.

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