Doha-headquartered Nebras Power recently completed, through its wholly owned subsidiary Nebras Power Netherland BV, the acquisition of a 35.5% stake in PT Paiton Energy.
PT Paiton Energy owns a 2,045 MW thermal power plant in East Java, which is the first and largest Independent Power Producer (IPP) in Indonesia, representing 4% of the county’s total installed generation capacity.
Paiton Energy sells the entire capacity and output of its power plant under two long term power purchase agreements with PT Perusahaan Listrik Negara (Persero)'s (PLN), the Indonesian state-owned vertically integrated electricity utility.
The remaining 64.5% equity stake in PT Paiton Energy is held by well-known international and local utilities and power development companies.
Nebras has also acquired a 35% stake in IPM ASIA Pte which owns 84% of PT IPM Operation and Maintenance Indonesia (PT IPMOMI), the entity responsible for operation and maintenance of Paiton power plant.
The acquisition of Paiton Energy represents Nebras’ first investment in the Indonesian power market and a significant step forward in Nebras’ vision to become a leading international power company.
On the transaction, Fahad Hamad al-Mohannadi, Nebras chairman, said, “We are delighted to announce the completion of this acquisition, which allows us to add a remarkable generation asset to our portfolio and opens up a bright future for Nebras’ investments in the Indonesian and South East Asian markets. Nebras operates very closely with its shareholders and enjoys their full support as well as the support of the Board of Directors. Nebras aims at building an investment portfolio of more than 5GW net by the next five years and plays a key role under Qatar’s diversification strategy.”
Khalid Mohammed Jolo, Nebras CEO, stated, “This acquisition demonstrates Nebras’ commitment to its long-term strategy of investing in high quality assets with investment grade off-takers. It also reflects our confidence in the Indonesian market. I congratulate the entire Nebras team for the successful completion of this landmark transaction and I express my profound gratitude to the shareholders and the Board of Directors for their continuous support.”
Faisal al-Siddiqi, director (Business Development), said, “The acquisition of this significant equity stake in Paiton Energy provides us with an excellent opportunity to invest in a secure and profitable project that offers immediate cash flow and substantial value addition to our shareholders”.
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