Green Era Completes 33.33% Stake Acquisition in Star Energy from BCPG

Green Era announced that it has successfully completed the sales and purchase agreement to acquire a 33.33% shareholding stake in Star Energy from BCPG Public Company Limited.

Star Energy owns controlling stakes in world-leading geothermal energy assets based in Indonesia, with a total gross capacity of 875 MW, including Wayang Windu Geothermal power plant, Salak Geothermal power plant, and Darajat Geothermal power plant. 

The remaining 66.67% of Star Energy continues to be owned by PT Barito Pacific Tbk, an integrated energy company based in Indonesia with multiple power and industrial assets.  Currently, Barito Pacific Group is one of PT. Chandra Asri Petrochemical Tbk shareholders.

Green Era executed the acquisition with an all-cash for shares consideration of USD 440 million, acquiring 250,801 shares, representing 33.33% of all shares issued and paid up in Star Energy.

Nancy Pangestu, Managing Director of Green Era, commented: "This acquisition is a major milestone to effectively launch Green Era's exciting growth and investment plans moving forward. We're acquiring a solid geothermal asset, with a proven track record and renewable technology, to achieve clean, sustainable, and profitable growth. We are grateful for the support of Bangkok Bank to execute this transaction successfully. In the Star Energy leadership, we have in place a solid team of professionals with an outstanding track record of success. We are incredibly excited to be a part of their growth story, and to play a key role in the carbon reduction equation."