Nebras Power completes the acquisition of a 35.5 per cent stake in PT Paiton Energy
Qatar-owned energy corporation, Nebras Power has completed the acquisition of a 35.5 per cent stake in PT Paiton Energy, through its wholly owned subsidiary Nebras Power Netherland BV.
PT Paiton Energy owns a 2,045 MW thermal power plant in East Java, which is the first and largest Independent Power Producer (IPP) in Indonesia, representing four per cent of the county’s total installed generation capacity.
“We are delighted to announce the completion of this acquisition, which allows us to add a remarkable generation asset to our portfolio and opens up a bright future for Nebras’ investments in the Indonesian and South East Asian markets. Nebras operates very closely with its shareholders and enjoys their full support as well as the support of the Board of Directors. Nebras aims at building an investment portfolio of more than 5 GW net by the next five years and plays a key role under the State of Qatar’s diversification strategy,” said Fahad Hamad Al-Mohannadi, Chairman of the Board of Directors of Nebras.
Paiton Energy sells the entire capacity and output of its power plant under two long term power purchase agreements with PT Perusahaan Listrik Negara (Persero) (PLN), the Indonesian State-owned vertically integrated electricity utility.
The remaining 64.5 per cent equity stake in PT Paiton Energy is held by well-known international and local utilities and power development companies.
Nebras has also acquired a 35 per cent stake in IPM ASIA Pte which owns 84 per cent of PT IPM Operation and Maintenance Indonesia (PT IPMOMI), the entity responsible for operation and maintenance of Paiton power plant.
The acquisition of Paiton Energy represents Nebras’ first investment in the Indonesian power market and a significant step forward in Nebras’ vision to become a leading international power company.