Mainboard listed ISDN Holdings, the integrated engineering solutions provider, says its wholly owned subsidiary, Aenergy Holdings, is partnering Indonesia-based PT Jodo Alam Titra (PT Jodo), to create a portfolio of mini hydropower projects in Indonesia with combined capacity of 100 megawatt (MW).
For a start, both companies have reached an agreement on the terms of the proposed acquisition of three Indonesian energy companies.
The three companies are PT Masewo Mareso Energy (BANASU), PT Banasu Buana Energy (MAPAHI) and PT Mapahi Masagena Energy (HALUTUA) that are wholly owned by PT Jodo.
They have obtained permit from the Indonesian Government to build, own and operate mini hydroelectric plants at the following locations at Kacimatan Pipikoro Sigi Regency, Central Sulawesi.
Teo Cher Koon, ISDN Holdings’ Managing Director, says, "We are taking a long-term stance towards this acquisition, as we have with our earlier hydropower projects announced earlier, in our bid to steadily expand our hydropower footprint in Sulawesi, one of our two main clusters, in addition to Sumatra. Together with our project partner, PT Jodo, we plan to jointly develop additional mini hydroelectric power plants in Indonesia with a combined target of 100 MW capacity, with each project size to be at least 5 MW over the next few years."
ISDN will provide the start-up capital as well as putting together future project financing to fund the development of the three mini hydropower plants in addition to assembling a diverse team of industry professionals to undertake feasibility studies, actual construction and subsequent testing and commissioning of the hydropower facilities.
Following the signing of the preliminary term sheet of the proposed acquisition, ISDN will proceed to appoint an independent hydropower plant consultant/ specialist to conduct and complete a feasibility review of these three projects.
As agreed, ISDN will own 88% equity stake of the three target companies while PT Jodo will retain 12% ownership.
PT Jodo is founded and owned by John Paulus Pantouw and Anthonius Donald Makalew. Pantouw has more than 20 years experience in hydropower engineering and
water resource management. He has established a water engineering and consultancy firm, PT Tata Guna Patria, and has been involved as adviser and chief engineer for more than 25 large-scale hydro projects across Indonesia.
Makalew has more than 20 years experience in financial management in the energy industry whose career track record includes internal audit roles for PT Brantas Abipraya, a state-owned hydro-engineering construction firm, as well as marketing head for Bank Niaga and as finance director for PT Indoenergi Alam Resources, a coal mine operator.
No comments:
Post a Comment