EGCO acquires 30% stake in Indonesia’s PT Chandra Daya Investasi
Electricity Generating (EGCO), the power generation subsidiary of the state-run Electricity Generating Authority of Thailand, announced the acquisition of a 30% stake in PT Chandra Daya Investasi, an Indonesia-based company. The deal, valued at US$194 million, was orchestrated via EGCO’s fully-owned subsidiary, Phoenix Power BV, and is expected to be finalised by year-end.
PT Chandra Daya Investasi (CDI) is a subsidiary of PT Chandra Asri Petrochemical Tbk Group (CAP), Indonesia’s premier integrated chemical and infrastructure solution provider. CDI has a robust portfolio comprising electricity generation and distribution, water supply, and tank and jetty management.
The company’s operations span across strategic areas and an industrial estate in Cilegon and Serang cities in Banten province, West Java.
CDI’s industrial estate, the largest in Indonesia, has witnessed significant demand growth. Additionally, the company owns two natural gas-fired combined-cycle power plants with a total capacity of 147 megawatts and has exclusive electricity distribution rights in Cilegon City.
CDI also operates the only integrated water production and treatment plant in Cilegon and has long-term sales contracts with a diverse range of industrial customers.
CDI also owns RPU, an integrated intermediary tank rental and jetty management service company, based in Serang, said Thepparat Theppitak, EGCO President.
“The investment in CDI’s infrastructure and utility business will allow EGCO to seamlessly integrate into a promising market in Indonesia, where the economic outlook and energy demand are outstanding, with further potential expansion in ASEAN.”
The company will immediately recognise revenue from CDI, aligning with our short-term strategy by focusing on investment in high-quality, profitable projects, he added. The strategic partnership also marks a significant milestone for both companies, combining CAP’s expertise in the chemical and infrastructure sector with EGCO’s proficiency in power and energy solutions, reported Bangkok Post.
In related news, EGCO anticipates significant revenue from its investment in Apex Clean Energy Holdings LLC. The company’s president, Thepparat Theppitak, expressed optimism about the potential benefits generated by Apex in the coming years, especially since the United States, where Apex runs its projects, is one of the world’s largest markets for clean energy. To read more about the story, click HERE.
