Nebras acquires 35.5% stake in Indonesian power firm

Nebras acquires 35.5% stake in Indonesian power firm

Nebras Power yesterday announced that it has completed the acquisition of a
35.5 percent stake in Indonesian utility firm PT Paiton Energy through its
wholly owned subsidiary Nebras Power Netherland BV.

In a statement issued by Nebras yesterday said that the acquisition was
completed on December 22.

PT Paiton Energy owns a 2,045 megawatt (MW) thermal power plant in East
Java, which is the first and largest Independent Power Producer (IPP) in
Indonesia, representing 4 percent of the county's total installed generation
capacity.

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)'s (PLN), the Indonesian state-owned vertically integrated
electricity utility. The remaining 64.5 percent 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 percent stake in IPM ASIA Pte which owns 84
percent 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. Fahad bin Hamad Al Mohannadi,
Chairman of the Board of Directors of Nebras, said: "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."

Khalid Mohammed Jolo, CEO of Nebras, added: "This acquisition demonstrates
Nebras' commitment to its long-term strategy of investing in high quality
assets with investment grade off-takers. It also reflects our confidence in
the Indonesian market. I congratulate the entire Nebras team for the
successful completion of this landmark transaction and I express my profound
gratitude to the shareholders and the Board of Directors for their
continuous support."

Faisal Al Siddiqi, Director of Business Development, added: "The acquisition
of this significant equity stake in Paiton Energy provides us with an
excellent opportunity to invest in a secure and profitable project that
offers immediate cash flow and substantial value addition to our
shareholders".

Jeffries International Limited acted as sole financial adviser and Clifford
Chance (through its exclusive Jakarta-based affiliate Linda Widyati &
Partners) acted as legal counsel to Nebras Power for this transaction.
Nebras Power is an international power company established in 2014 and
headquartered in Doha, Qatar.

The Company was established with an initial capital of QR3.65bn and with a
mandate to invest in the conventional and renewable energy, water and
utilities sectors globally, outside Qatar.

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Link to Original Article:
https://www.thepeninsulaqatar.com/article/25/12/2016/Nebras-acquires-35.5-st
ake-in-Indonesian-power-firm

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com