Barito Pacific takes control of Star Energy in USD-755m deal

Geothermal power plant. Author: Idaho National Laboratory. License: Creative Commons, Attribution 2.0 Generic

July 4 (Renewables Now) - Indonesia-based diversified group PT Barito Pacific Tbk has finalised its acquisition of a majority stake in local geothermal power producer Star Energy Group Holdings Pte Ltd.

Barito Pacific has bought a 66.67% interest in the geothermal company for USD 755 million (EUR 648m). Star Energy owns plants with a total consolidated capacity of 875 MW.

The buyer has used IDR 7.4 trillion (USD 515.6m/EUR 442.7m) in proceeds from a recently-completed rights issue to fund the purchase. Overall, the rights issue has raised a total of IDR 8.5 trillion. The rest of the proceeds will be used to finance the working capital needs of the company's subsidiaries, according to the announcement.

(USD 1.0 = EUR 0.859)

(IDR 10,000 = USD 0.697/EUR 0.598)

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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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