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 shareholders. This acquisition is a major milestone to effectively launch Green Era’s exciting growth and investment plans moving forward.
The acquisition is the first in Green Era’s M&A strategy which is designed to accelerate growth in renewables across Southeast Asia, to support the global transition to net zero. Based on an Ernst & Young study in 2021, there are as many as 800 clean energy projects in the pipeline in the region, with an investment potential of USD 316 billion, and an emission-saving potential of over 229 metric tons of carbon dioxide equivalent. These projects and investments have the potential to generate up to 870,000 jobs. Green Era is committed to investments in renewable energy assets and technology. Through deep stakeholder engagements, collaboration alongside mission-oriented partners, and a long-term strategic perspective, Green Era focusses on projects that contribute to the energy transition in Southeast Asia which has a large, young, and urbanizing population, within some of the world’s fastest growing economies.