Thai-listed RATCH in JV with Medco Energi to tap $350m project in Indonesia

Visual from the group website

Thailand’s listed Ratchaburi Electricity Generating Holding (RATCH) has formed a 49:51 joint venture firm with Medco Energi Internasional to bid for a 250-MW natural gas-fired power plant in Riau, Indonesia.

The project – whose bidding is scheduled to start next month – will require an investment of around $350 million, Rum Herabat, chief executive officer of RATCH, told reporters.

This new project will help the company revise its power generation target from 9,700 MW to 10,000 MW by 2023.

“We will either invest in organic projects or acquire the stakes in developed projects overseas to achieve our target. Meanwhile, we will also look for opportunity in new businesses to minimize the risk from depending on power business. We plan that other business should contribute around one-third of total revenue in the future,” he said.

Apart from the project in Riau, RATCH is also in the process of conducting due diligence to acquire 30 per cent in SUMSEL’s coal-fired power plant project with electricity capacity of 900 MW, which should be finalised this month.

The 800-MW JAVA3 in Indonesia, worth $500-$600 million in joint venture with Banpu, is set to make the bidding by the end of this year.

In the Philippines, the company is waiting to see the new government’s policy. But initially, it is keen to invest in thermal and renewable power plants as well as a 600-MW coal-fired power plant, he added.

Currently, it has total electricity capacity of 6,890 MW according to its share proportion in each project. Of the total, 71 per cent are from domestic projects and remaining is accounted for by overseas projects. It plans to boost the capacity from clean energy to 2,000 MW, or 20 per cent of total by 2023, up from currently 12.85 per cent.

Also read:

Thai power producer RATCH to invest $1b in overseas plants in Indonesia, Laos, China

Thai-listed Max Metal in twin deals as it seeks to diversify into energy, property

Thai power firm Sahacogen to expand in SE Asia via JV route

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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.