PT Barito Pacific has completed the acquisition of the 66.67% majority shares in the local Indonesian geothermal power producer Star Energy Group Holdings. The majority interest was acquired for US$755 million.
Barito Pacific has used IDR 7.4 trillion (USD 515.6m) in proceeds from a recently-completed rights issue to fund the purchase. Overall, the rights issue has raised a total of IDR 8.5 trillion. The rest of the proceeds will be used to finance the working capital needs of the company's subsidiaries.
Star Energy owns plants with a combined capacity of 875 MW.
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