Thai-listed BCPG to pick 33.3% in Indonesia’s Star Energy

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Thai listed renewable energy firm BCPG has secured the approval from the Board of Directors to acquire one-third stake in Indonesia-based Star Energy Group Holding for not exceeding $357.5 million.

Both companies expect to enter into the transaction in the second quarter of this year, according to BCPG’s filing on Wednesday.

Bundit Sapianchai, president of BCPG, said that this investment creates the opportunity to expand the company’s renewable energy business.

He stated, in the filing, the company saw a big growth opportunity in Indonesia given the country’s high demand for electricity.

Following the acquisition, BCPG will hold stakes in three geothermal power plants in Indonesia with a combined production capacity of 182 MW. The three projects are top geothermal power plants in Indonesia.

The largest plant is located in Sukabumi City in West Java with the 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.

The company will source the acquisition through loan and internal cash flows.

Also read:

Thai renewable energy firm BCPG files for IPO to mop up over $85m

Philippines: Ayala’s AC Energy acquires Chevron’s geothermal assets

Chevron said to narrow bids for $3b Asian geothermal assets sale

Singapore’s KS Orka acquires OTP Geothermal Power project in Indonesia

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.