BCPG Forging Ahead with Geothermal Projects Investment in Indonesia, following Shareholders’ Approval
The Extraordinary General Meeting of Shareholders No. 1/2017 of BPCG Public Company Limited on 13 June 2017 approved the investment in large scale geothermal projects in Indonesia. It is expected that the projects will begin contributing profit immediately after the acquisition is completed.
Mr. Bundit Sapianchai, President of BCPG Public Company Limited, revealed that the Extraordinary General Meeting of Shareholders No. 1/2017 chaired by Mr. Pichai Chunhavajira, Chairman of the Board of Directors, joined by Board of Directors and company executives, resolved to approve the investment through 33.33% acquisition in Star Energy Group Holdings Pte. Ltd., with investment capital not exceeding US$357.5 million (Bt12.34 billion). The company expects the projects to begin contributing profit immediately after the acquisition is completed in Quarter 3 this year.
Through this investment, which will almost double BCPG’s current capacity, the Company will hold an indirect stake in Indonesia’s three largest geothermal power projects with a equivalent total production capacity of 182 megawatts, with long term off-take contracts with Indonesia’s State Power Utility (Perusahaan Listrik Negara or PLN).