BCPG Poised to Become Leader in Asia’s Renewable Energy Business, with over Baht 12 Billion Investment in Geothermal Energy in Indonesia
Mr. Bundit Sapianchai, BCPG’s President, said that on 25 April 2017, the Company’s Board of Directors made an approval for the Company to enter into an agreement to invest in geothermal power business in Indonesia; subject to the final approval from BCPG’s shareholders.
Through the investment, BCPG will hold an indirect equity in three geothermal power projects with an equivalent total power production capacity of 182 megawatts. Investment details include 1) 20% in the 347 MW Wayang Windu Power Plant, (227 MW of which are already in operation), 2) 17.3% in Salak Power Plant, with a total production capacity of 377 MW equivalent of electricity and steam, and 3) 17.3% in Darajat Power Plant, with a total production capacity of 271 MW equivalent of electricity and steam. All the projects have long term Feed-in Tariff contracts with Indonesia’s State Electricity Power (Perusahaan Listrik Negara or PLN).
BCPG plans to invest US$ 357.5 Million (or approximately 12,341 Million Thai Baht) in this project. Funds will be raised from the Company’s cash flow, and from loans for which many leading financial institutions have already expressed their interests in lending. Sale and Purchase process is planned to be finalized by the second quarter of 2017 and the Company expects to realize profits immediately. An Extraordinary Shareholders General Meeting 1/2017 will be held on 13 June 2017 to seek final investment approval from the Company’s shareholders