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Energy firm Terregra strikes gold in 2017
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Terregra Asia Energy president director Djani Sutedja gives remarks during the company's trading debut on the Indonesia Stock Exchange (IDX) in Jakarta. (JP/Supriyono Hemay)
J
akarta: Publicly listed energy firm PT Terregra Asia Energy saw its net profit skyrocket by 452.2 percent to Rp 857.9 million (US$62,458) throughout last year following its efforts to penetrate deeper into the country’s power generation business.
Terregra booked Rp 37.92 billion in revenue in 2017, seeing a significant 243.64 percent increase compared to the previous year. Of the figure, Rp 35.26 billion came from its sales of power plant components and spare parts, while Rp 2.66 billion came from power plant maintenance services.
“The total profit attributable to owners of the company is Rp 857.9 million in 2017,” Terregra said in a statement on Saturday.
Terregra is currently in the process of constructing four micro-hydro power plants in North Sumatra, which are expected to generate a total of 39 megawatts (MW) of electricity once they begin operating in 2019. The company has previously calculated that the investment value for such facilities would reach around $2 million to $2.5 million per MW.
Terregra has signed power purchase agreements (PPA) for those four facilities with state-electricity firm PLN for a period of 20 to 30 years.
By 2023, Terregra expects to operate renewable power plants with a total capacity of 492 MW in an effort to shift its core business from power plant service provider to renewable energy developer. -- (vir)
