Singapore-based Green Era has announced the purchase of a stake in Star Energy. This acquisition allows the company to launch its portfolio of renewable assets in Southeast Asia.
The Green Era buyout
Green Era acquires a significant share of the Star Energy company. At that time, it held 33.33% of the Indonesian company’s shares. This corresponds to 250,801 shares and concerns both issued and paid-up shares.
Green Era paid $440 million for the acquisition. On the occasion of the announcement, the company thanked Bangkok Bank. She mentions that her support was necessary to complete the transaction.
The remaining 66.67% of the shares of Star Energy remain in the possession of PT Barito Tbk. Consequently, the latter remains the majority shareholder despite this acquisition by Green Era. Through its subsidiaries, Star Energy has significant geothermal assets.
Thus, the company is a major player in the production of geothermal energy in Southeast Asia. It has a total gross capacity of 875 MW. This capacity is notably divided between the different geothermal power plants in Wayang Windu, Salak and Darajat.
Strengthening renewable energy in Southeast Asia
With the purchase of shares from an investment company like Green Era, Star Energy will be able to increase the importance of renewable energy. The latter is a major contributor to geothermal energy production in Indonesia. In addition, it wishes to support the energy transition in Southeast Asia.
The region is gradually turning to renewable energies. There were 800 clean energy projects underway during 2021.
In the press release announcing the acquisition, Green Era points out that this represents a potential investment of $316 billion. In addition, this would result in a reduction in emissions of at least 229 metric tons of carbon dioxide equivalents.
