Barito Pacific president director, Agus Salim Pangestu, expects the acquisition to close by the first quarter of 2018.
BCPG, a Thai listed renewable energy firm, had secured approval to acquire 33.3 per cent stake in Star Energy. The deal was valued at up to $357.5 million, with the transaction expected to be finalised in the second quarter of this year.
Following the acquisition, BCPG will hold stakes in three geothermal power plants in Indonesia with a combined production capacity of 182 MW.
The largest plant is located in Sukabumi City in West Java with an installed capacity of 377 MW. The other two include the 227 MW geothermal power plant at Wayang Windu and the 271 MW Darajat project in Garut and Bandung, which the firm acquired from Chevron along with operations in the Philippines – including Tiwi-Makban geothermal field that is currently producing approximately 326 MW of steam.
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