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Chandra Asri bags $194m investment from Thai power producer EGCO
Chandra Asri plans to use the fund to expand energy, water and port projects under its infrastructure arm CDI.
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A worker uses a walkie-talkie on June 18, 2019 at the construction site of a factory belonging to petrochemical giant PT Chandra Asri Petrochemical in Cilegon, Banten. The new polyethylene factory will have a production capacity of 400,000 tonnes per year. (Antara/Asep Fathulrahman)
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ndonesian petrochemical conglomerate Chandra Asri Group had secured a US$194 million investment from Thailand’s independent power producer Electricity Generating Public Company (EGCO), the two companies announced in a joint statement on Tuesday.
Under the deal, EGCO is to hold a 30 percent stake in Chandra Asri's infrastructure investment arm Chandra Daya Investasi (CDI), with parent company retaining the majority 70 percent stake.
Chandra Asri plans use the funds to develop CDI's business in energy, water and port infrastructure.
The company’s new partnership with EGCO would not only enhance the firm's operational efficiency, but also contribute to a more sustainable future, said Chandra Asri president director Erwin Ciputra,
"By leveraging our strengths, we believe this collaboration will drive positive change in Indonesia's infrastructure landscape," Erwin said, as quoted in the joint statement.
EGCO has a total capacity of generating more than 7 gigawatts (GW) across its facilities, both operational and under construction. Around 20 percent of its portfolio comes from renewable energy, including biomass, hydro, solar and wind.
"The new investment is aligned with EGCO's strategic objective for acquiring high-quality gas power [plants] that are profitable," EGCO president Thepparat Theppitak said in the statement.
