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Barito Renewables to acquire one of Indonesia's largest wind farms
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The wind power plant in Sidrap regency, South Sulawesi generates 75 Megawatts (MW), making it the largest of its kind in the country. (Courtesy of/PT UPC Sidrap Bayu Energi)
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arito Renewables Energy, the renewable energy arm of conglomerate Barito Pacific, reached an in-principle agreement on Friday to acquire a wind farm in Siddenreng Rappang (Sidrap) regency, South Sulawesi.
Publicly listed Barito Renewables will conclude the transaction through its subsidiary Barito Wind Energy, which it aims to complete in the first quarter of 2024.
Barito Wind Energy will acquire full ownership of wind farm operator Sidrap Bayu Energy from UPC Renewables Asia Pacific Holdings and ACEN Renewables International.
The value of the transaction is undisclosed, and the process is subject to the approval of state-owned electricity company PLN, according to the company’s statement.
For Barito Renewables CEO Hendra Tan, the move underscores his firm's commitment to supporting Indonesia's journey toward achieving the net zero goal and providing clean energy for the domestic and foreign markets.
"This marks our inaugural venture into promising renewable energies beyond geothermal energy, a sector that has been integral to our portfolio for decades," Hendra said in a statement.
The move took place soon after Barito Renewables went public in October, raising more than US$200 million in the process.
