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TBS Energi Utama sells 200 MW coal plants to Medco affiliate
Following on the heels of its shares purchase in Singapore-based Sembcorp Environment last week, TBS Energi Utama has divested two coal plants, with the funds to be invested in clean energy and waste management projects.
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Smoke and steam billow on July 11, 2020, from chimneys at Indonesia Power’s Suralaya coal-fired power plant, located adjacent to an area designated for the Java 9 and 10 coal power plant project in Banten province. (Reuters/Willy Kurniawan) (Reuters/WILLY KURNIAWAN)
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ntegrated energy company PT TBS Energi Utama has divested two of its coal-fired power plants with a combined capacity of 200 megawatts (MW) to PT Kalibiru Sulawesi Abadi (KSA), a firm affiliated with oil and gas giant MedcoEnergi.
KSA has two shareholders, PT Kalibiru Daya Abadi and PT Kalibiru Energi Lestari, according to an information disclosure filed with the Financial Services Authority (OJK), and is headed by director Benny Setiawan and commissioner Hannibal Sjamsoe.
Benny and Hannibal are also directors at PT Medco Abadi Lestari, which controls a majority 51.5 percent stake in publicly listed MedcoEnergi, according to a separate information disclosure for its shareholders filed on Dec. 12, 2023.
MedcoEnergi did not immediately respond to request for comment.
Read also: Indonesia to abandon 23% renewable energy target
Publicly listed TBS, which trades under the ticker code TOBA, is set to raise US$144.8 million from the divestment, funds it plans to use for renewable energy, electric vehicle and waste management projects, according to its director Juli Oktarina.
The two divested plants are located on the island of Sulawesi and operated by the company’s subsidiaries, PT Minahasa Cahaya Lestari (MCL) and PT Gorontalo Listrik Perdana (GLP).
