- Green Era Ltd purchases minority position in Star Energy Group Holdings for USD 440 million.
- The remaining 66.67% is held by PT Barito Pacific, an Indonesian diversified conglomerate.
Green Era Ltd, the Pangestu family’s renewables investment arm based in Singapore, has purchased a minority position in Star Energy Group Holdings Pte Ltd, a geothermal-focused holding company, for USD 440 million (EUR 403m).
Green Era has purchased 250,801 shares, or 33.33% of all Star Energy shares issued and paid up, under the terms of the all-cash sale. PT Barito Pacific holds the remaining 66.67%, an Indonesian diversified conglomerate majority-owned by the Pangestu family. Star Energy has control of geothermal energy plants in Indonesia with a total gross capacity of 875 MW through its subsidiaries. Wayang Windu, Salak, and Darajat’s geothermal power plants are part of the portfolio.
According to a statement, acquiring this ownership position is the first under Green Era’s merger and acquisition (M & M&A) strategy targeting renewable energy growth in Southeast Asia.