Star Energy got Chevron assets in 2 countries

JAKARTA. Founder and the owner of Barito Pacific Group Prajogo Pangestu will hold the title as the world class taipan of geothermal electricity. Recently, the consortium, which is supported by one of his companies PT Star Energy won a tender of the sales of Geothermal Power Plants in Indonesia and the Phillippines that owned by Chevron Corporation. Star Energy won against Medco Power, Mitsui, and Marubeni.

On Thursday (22/12), the consortium of Star Energy and Chevron signed the share sale and purchase agreements (SPA) in Indonesia and the Philippines. According to a source of KONTAN, the total transactions reached more than US$ 2 billion or Rp 27 trillion.

As information, the consortium consists of Star Energy Group Holdings, Star Energy Geothermal, AC Energy (Ayala Group, the Philippines), and EGCO (Thailand). Star Energy occupies 68.31% of stakes, while AC Energy and EGCO control 19.3% and 11.89% of shares, respectively.

The transaction itself includes Salak Geothermal Power Plant and Derajat Geothermal Power Plant, which have the capacities of 370 megawatt and 240 megawatt, respectively. The transaction also includes 40% assets of Tiwi-Makban Geothermal Power Plant, which has a capacity of 326 megawatt. In total, the transaction covers a total capacity of 740 megawatt.

To date, Star Energy is operating Wayang Windu I-III with the total capacity of 287 megawatt. After the transaction with Chevron settled, Star Energy will manage the total capacity of 793 megawatt geothermal electricity. As comparison, the largest geothermal power plant operator Calbine Corp (the US) produces 945 megawatt electricity.

Chief Executive Officer (CEO) of Star Energy Rudy Suparman said that the transaction has not yet been fully finalized. The transaction settlement and the transfer of assets will take place at the end of quarter I-2017. After the acquisition completes, the management of Star Energy will report to regulator. “The transaction will settle during closing,” Rudy said.

Director General of New Renewable Energy and Energy Conservation at Ministry of Energy and Mineral Resources (ESDM) Rida Mulyana and Director of Geothermal at the Ministry of ESDM Yunus Saifulhaq said that they have not received the report on the transaction. “Chevron will report it in 2017,” Yunus told KONTAN, Friday (23/12).

(Muhammad Farid/Translator)