Singaporean investor Green Era has completed the sales and purchase agreement to acquire one-third of the shares in Star Energy from BCPG.
Star Energy owns controlling stakes in geothermal energy assets in Indonesia totalling 875MW.
These projects include the Wayang Windu, Salak and Darajat facilities.
The remaining 66.67% of Star Energy continues to be owned by PT Barito Pacific, an integrated energy company based in Indonesia.
Barito Pacific Group is one of PT Chandra Asri Petrochemical shareholders.
Green Era executed the acquisition with an all-cash for shares consideration of $440m (€400.7m), acquiring 250,801 shares, representing 33.33% of all shares issued and paid up in Star Energy.
Green Era managing director Nancy Pangestu said: “This acquisition is a major milestone to effectively launch Green Era’s exciting growth and investment plans moving forward.
“We’re acquiring a solid geothermal asset, with a proven track record and renewable technology, to achieve clean, sustainable, and profitable growth.
“We are grateful for the support of Bangkok Bank to execute this transaction successfully.
“In the Star Energy leadership, we have in place a solid team of professionals with an outstanding track record of success.
“We are incredibly excited to be a part of their growth story, and to play a key role in the carbon reduction equation.”
The acquisition is the first in Green Era’s mergers and acquisitions strategy designed to accelerate growth in renewables across South-east Asia to support the global transition to net zero.