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ISDN buys 49 per cent stake in Indonesian hydropower energy business
ISDN Holdings has agreed to buy a 49 per cent stake in PT Izmi Power Mandiri (PT Izmi) for 3.854 billion Indonesian rupiah in cash (S$411,434), through its subsidiary, Aenergy Holdings Company Limited.
This stake is being bought from Muhammad Isa Indrawan, an Indonesian businessman who is also CEO of the Izmi Group and PT SBM Sabang Energi, ISDN said on Wednesday.
"PT Izmi has secured a power purchase agreement to build, own and operate an eight MW mini-hydroelectric power plant at Aek Tomuan Desa Tomuan Holbung, Kecamatan Bandar Pasir Mandoge, Kabupaten Asahan in North Sumatra Province," ISDN added.
According to ISDN, this facility is also expected to generate about 52 GWh of electricity annually, producing an estimated annual revenue of US$$3.4 million.
ISDN's counter closed unchanged at 23.5 Singapore cents on Wednesday, before it announced this development.