PT Barito Renewables Prepares For IPO

Citing an article published by Bisnis.Com, Think GeoEnergy are reporting that Indonesian PT Barito Renewables (BREN) is preparing an IPO on the Indonesian stock exchange and aiming for IDR 3.51-trillion (approx. USD 228-million) in funds. BREN joins fellow geothermal operator PT Pertamina Geothermal Energy (PGEO), which entered the market earlier this year.

BREN started operations through one of its subsidiaries, namely Star Energy Geothermal Group, a leading geothermal electricity producer, which it acquired in 2017/ 2018.

Currently as a group, the company operates three geothermal assets located in West Java, with a total installed capacity of 886MW, representing around 38-percent of the market share in Indonesia, say Think GeoEnergy.

As of June 30 2022, PGEO, directly or indirectly, has the rights to 13-geothermal concessions, with a total installed capacity of 1,877MW, of which 672MW is operated by itself and 1,205MW is operated by joint operating contractors (KOB).

Research analysts at NH Korindo Sekuritas sees this step by BREN as promising and well timed with the current Indonesian government target for renewable energy deployment.

Based on data by ThinkGeoEnergy and NS Energy, Indonesia ranks second largest geothermal energy producer in the world, after the United States and in 2022 recorded a national electricity generation capacity of 2,356 megawatts (MW).

Indonesia’s energy ministry confirms that PGEO wants to annex the Sorik Marapi PLTP, according to reporting from Think GeoEnergy who write that BREN’s presence on the Indonesian Stock Exchange is expected to have an impact on the growth of market demand, where this will ultimately become one of the drivers for Indonesia to achieve its target of becoming the country with the largest geothermal capacity in the world by 2030.

This condition is also expected to be an advantage for BREN because in general investors will pay attention to issuers who prioritize performance targets that are in line with government policy.

Meanwhile, BREN’s steps to carry out an IPO can be interpreted as an initial stepping stone that encourages similar companies to carry out IPO corporate actions in Indonesia, for example PT Supreme Energy, say Think GeoEnergy.

Source: Think GeoEnergy, Bisnis.com

Photo by Ruben Sukatendel on Unsplash

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