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Billionaire Prajogo Pangestu gets full control of Star Energy Geothermal
The Pangestu family, through investment firm Green Era Pte. Ltd, has acquired local energy firm Star Energy in a US$440 million deal, as the firm seeks to boost renewable energy expansion in Southeast Asia.
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Chandra Asri Petrochemical, the largest publicly listed petrochemical company in Indonesia, operates in Cilegon, Banten, West Java.
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ndonesian billionaire Prajogo Pangestu has gained full ownership of Star Energy after closing a US$440 million deal for the geothermal power company.
Prajogo's company, Green Era Pte. Ltd, a Singapore-based renewables investment firm, acquired 250,801 shares of Star Energy, representing a 33.33 percent stake, from Thai electricity company BCPG, according to a statement published on Wednesday.
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The remaining 66.67 percent stake in Star Energy is still held by diversified petrochemical giant PT Barito Pacific, which is majority-owned by the Pangestu family.
Green Era managing director Nancy Pangestu said the acquisition was the first under Green Era’s merger and acquisition strategy to grow the renewable energy industry in Southeast Asia.
“This acquisition is a major milestone to effectively launch Green Era's exciting growth and investment plans moving forward,” she said in a statement.
Star Energy, through its subsidiaries, has control over geothermal energy plants in Indonesia with a total capacity of 875 megawatts (MW), including the Wayang Windu, Salak and Darajat geothermal power plants, all of which are located in West Java. In 2019, the company said it aimed to invest $2.5 billion to increase its capacity to 1,200 MW in 2028.
