Nonthaburi: RATCH Group Public Company Limited announced the success of share acquisition in the 2,045 MW Paiton Energy Thermal Power Plant in Indonesia and the operation and maintenance entity from Mitsui & Co., Ltd. After completion of the said transaction on 30 April 2024, RH International (Singapore) Corporation Limited, RATCH’s wholly-owned indirect subsidiary holds 36.26% equity of PT Paiton Energy and Minejesa Capital B.V each, as well as 65% stake in IPM Asia Pte. Ltd., a power plant’s operation and maintenance service provider. The investment was valued at approximately USD590.67 million.
Mr. Nitus Voraphonpiput, Chief Executive Officer of RATCH Group Public Company Limited, stated that the investment in the Indonesia-base Paiton Thermal Power Plant finally accomplished. This reinforces the Company's long-term commitment to growing business in Indonesia and also creates new partnerships bringing investment opportunities in power generation and related businesses in the future. It consequently increases the Company’s commercial capacity to 9,038.04 MW and extends its operation and maintenance business adding more economic value and financial strength for the Company.
“The Company is pleased and thankful to all relevant parties for the deal's success. RATCH is willing to support PT Paiton Energy’s mission and goals in all aspects; electricity production for national grid security, social development for the better quality of living, and environmental responsibility. Besides, we will seek cooperation with partners for future businesses including renewable energy. Up to date, RATCH has ownership interest in a gas-fired power plant, a coal-fired power plant, and two hydroelectric power plants in Indonesia, with a combined equity capacity of 1,009.72 MW. The Company marks Indonesia as a promised investment target, with confidence in its continued economic growth,” Mr. Nitus said.
Paiton Thermal Power Plant consists of three power generation units; Unit 7 and Unit 8 with 1,230 MW operated since 1999 and Unit 3 with 815 MW started in 2012. All three units of Paiton Power Plant have been secured by the long-term Power Purchase Agreement with PT Perusahaan Listrik Negara (Persero) (PT PLN) of which the contractual period will end in 2042. According to the transaction, the company will realize 742 MW of equity capacity.