RH International (Singapore) Corporation (RHIS), a subsidiary of Thai-listed electricity producer Ratchaburi Electricity Generating Holding Pcl (RATCH), has acquired 50 per cent stake in Fareast Renewable Development Pte (FRD), a major shareholder in Asahan-1 Hydroelectric Power project, for $81.89 million.
RATCH reported to the Stock Exchange of Thailand that the transaction was completed on Thursday, making RHIS and the existing shareholder Fareast Green Energy hold 50 per cent equity in FRD equally.
FRD owns 53.21 per cent in Asahan-1 project, followed by PT Pembangkitan Jawa Bali (36.61 per cent), International Finance Corporation (5 per cent) and other shareholders.
Located in Asahan River, North Sumatra province, the project is a run-of-river hydroelectric power plant with the generation capacity of 180 MW. It has commenced commercial operations since January 2011 and has 30-year power purchase agreement ending on December 31, 2040 with PT PLN.
RATCH is targeting total electricity capacity generation of 6,600 MW by end of this year, and it plans to add around 700 MW in 2019.