Egco acquires shares in power plants in Indonesia

Egco acquires shares in power plants in Indonesia

SET-listed Electricity Generating Plc (Egco) has expanded its portfolio in
Indonesia by acquiring shares in two geothermal power plants in West Java
from Chevron's affiliates.

The affiliate of Egco Group, Star Energy Group Holdings Pte Ltd and AC
Energy Holdings Inc entered into an agreement to acquire shares from
Chevron's affiliates in Salak and Darajat geothermal power plants in
Indonesia on Dec 22.

As the result, Egco Group will hold 20.07% indirect ownership interest in
the Project. The share transfer is expected to be completed in the first
quarter of 2017, said Egco president Chanin Chaonirattisai.

Salak and Darajat geothermal power plants are located in West Java province
and composed of several geothermal steam and electricity generating units
with the aggregate capacity of 402 Megawatts of electricity and 235 MW
equivalent of steam.

The power plants have secured long-term energy sales contracts with PT PLN
(Persero), the Indonesian government-owned electricity corporation.

"The acquisition fulfills our business plan in enhancing Egco Group's
presence in Indonesia which we have existing business, and in line with our
strategic directions to pursue investment opportunities in Asia Pacific
region" said Mr Chanin.

Egco Group has started its investment in Indonesia since 2014 by holding 20%
indirect ownership interest in Star Energy's geothermal power plant which
has the total installed capacity of 227MW.

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Link to Original Article:
http://www.bangkokpost.com/business/news/1168825/egco-acquires-shares-in-pow
er-plants-in-indonesia

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com