<article>Singapore-based Green Era, a special purpose vehicle owned by Indonesian conglomerate Pangestu&#8217;s family office, has acquired a 33.33% stake in the geothermal energy company Star Energy for $440 million.</article>

Singapore-based Green Era, a special purpose vehicle owned by Indonesian conglomerate Pangestu&#8217;s family office, has acquired a 33.33% stake in the geothermal energy company Star Energy for $440 million.
Green Era&#8217;s acquisition of the minority stake, from BCPG Public Company Limited, marks the company&#8217;s foray into Southeast Asia&#8217;s new energy sector.
Through its subsidiaries, Star Energy is the controlling stakeholder in several geothermal energy assets across Indonesia — Wayang Windu Geothermal power plant, Salak Geothermal power plant, and Darajat Geothermal power plant, to name a few — that have a total gross capacity of 875 MW.
The other shareholder in Star Energy, with a 66.77% stake, is PT Barito Pacific Tbk, an Indonesia-based integrated energy company that is also majority-owned by the Pangestu family.
“In the future, Barito will focus more on green energy investment,” said its president director Agus Salim Pangestu to DealstreetAsia.
Barito Pacific is also the parent of PT Chandra Asri Petrochemical Tbk, a petrochemical company that listed on the Indonesia Stock Exchange in 2011. In a statement, Barito said it hopes to take Star Energy also public in the future.
Star Energy is currently building a binary geothermal power plant with an investment of $45 million. Barito&#8217;s finance director David Kosasih said in a statement that Barito spent $100-110 million last year on the project.
IDX-listed Barito Pacific posted a profit of $110 million in the third quarter of 2021, up 407% year-on-year, according to its financial statement.
Nancy Pangestu, the managing director of Green Era, said the acquisition of solid geothermal assets is to achieve clean, sustainable, and profitable growth.
BCPG Public Company Limited, which sold its Star Energy stake to Green Era, is a renewable energy player listed in Thailand. It has interests in solar power, hydropower, wind power, and geothermal power businesses in Thailand, Japan, Laos, the Philippines, and Indonesia.
Besides Star Energy, other players in the segment include state-owned enterprise Pertamina Geothermal Energy (PGE).
While PGE is the leading geothermal business in Indonesia, Star Energy still has room to grow as the utilised capacity is just 4.5% of potential geothermal resources in Indonesia, said Wahyu Laksono, an analyst to DealStreetAsia. ”The acquisition is vital to boosting green energy projects [in the country],” Laksono added.
Indonesia has plans to achieve net-zero emissions by 2060.

The other shareholder in Star Energy, with a 66.77% stake, is PT Barito Pacific Tbk, an Indonesia-based integrated energy company.

Green Era buys 33% stake in Indonesian geothermal company Star Energy

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Green Era buys 33% stake in Indonesian geothermal company Star Energy

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