Nonthaburi: RATCH Group Public Company Limited updated progress of its transaction on purchasing shares in 2,045 MW Paiton Power Plant in Indonesia, as well as the operation and maintenance business from Mitsui & Co., Ltd., an existing shareholder. The investment will be made through RH International (Singapore) Corporation Limited, RATCH’s indirect subsidiary, in which will be accquiring 36.26% in Paiton Energy and 65% in IPM Asia Pte. Ltd.

Ms. Choosri Kietkajornkul, Chief Executive Officer of RATCH Group said that the company has reached this agreement as a part of process to properly complete conditions precedent in order to continue the company’s investment as planned. It expects that all conditions required in the agreement should be completely achieved by the second quarter of 2023 and further detail will be disclosed afterward.

“The investment has been decided based upon reasonability of our investment target, deliverable of expected returns, as well as total benefits to the company.” Ms. Choosri said.

Paiton Energy Power Plant consists of three power generation units; Unit 7 and Unit 8 with capacity of 1,230 MW having operated since 1999 and Unit 3 with capacity of 815 MW started operation in 2012. The company will realize equity capacity around 742 MW after the deal completion.