Doha – Mubasher: Nebras Power said Sunday that its wholly owned subsidiary, Nebras Power Netherland BV, has completed the acquisition of a 35.5% stake in in PT Paiton Energy.
Nebras said that PT Paiton Energy owns a 2,045 MW thermal power plant in East Java, which is the first and the largest Independent Power Producer (IPP) in Indonesia, representing 4% of the county’s total installed generation capacity, according to a bourse filing.
Nebras, a subsidiary of Qatar Electricity and Water Company (QEWC), has also acquired a 35% stake in IPM ASIA Pte, which owns 84% of PT IPM Operation and Maintenance Indonesia (PT IPMOMI), which is responsible for operation and maintenance of Paiton power plant.
“We are delighted to announce the completion of this acquisition, which allows us to add a remarkable generation asset to our portfolio and opens up a bright future for Nebras’ investments in the Indonesian and South East Asian markets,” Hamad Al-Mohannadi, Chairman of the Board of Directors of Nebras, said.
“Nebras operates very closely with its shareholders and enjoys their full support as well as the support of the Board of Directors. Nebras aims at building an investment portfolio of more than 5 GW net by the next five years and plays a key role under the State of Qatar’s diversification strategy,” he added.
