Terregra’s managing director and vice president director, Lasman Citra, said the firm had 12 power plant projects in the pipeline that companies had shown interest in, including those using micro hydro and solar power that were expected to be constructed within the next five years.

"We expect to sign an MoU [memorandum of understanding] with two or three utility players in the second half of the year. We will be so happy if they invest in our company, as they have experience in this field," he said, while refusing to reveal the identity of the foreign companies as negotiations were being conducted privately.

By 2023, the company expects to see the renewable energy power plants run with a total capacity of 492 megawatts.

Terregra saw on Tuesday a 70 percent increase in its share price during its trading debut to Rp 340 (30 US cents. Shares closed at Rp 424 on Wednesday.

The company aims to book Rp 50 billion in revenue this year. In the first 10 months of 2016, it posted revenue of Rp 9 billion. (yon/ags)

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