Adaro Energy (ADRO) has denied rumors of the acquisition of PLTU Paiton shares

ILLUSTRATION. The atmosphere of the Paiton PLTU Complex

Reporter: Dimas Andi | Editor: Anna Suci Perwitasari

KONTAN.CO.ID – JAKARTA. PT Adaro Energy Tbk (ADRO) through its subsidiary, Adaro Power & Adaro Water, dismissed reports that they were planning to partner with PT TBS Energi Utama Tbk (TOBA) formerly known as PT Toba Bara Sejahtra to acquire 45.5% stake in Japan’s Mitsui Corp in the Paiton Steam Power Plant (PLTU).

President Director of Adaro Power & Adaro Water Wito Krisnahadi said that at this time his party had no plans to acquire shares in PLTU Paiton. “We also have no cooperation with TBOTH related to this, “he said, Monday (19/10).

Previously, management ADRO indeed had time to do an internal study regarding opportunities at the Paiton PLTU managed by Paiton Energy. However, at that time there was no certainty whether the company was really interested in taking part in Paiton Energy or not.

“Therefore there is no certainty to participate,” he said Head of Corporate Communication Adaro Energy Febriati Nadira when contacted by Kontan.co.id, some time ago.

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Until this writing, Director TOBA Pandu Patria Sjahrir and Corporate Secretary TOBA Pingkan Ratna Melati has not confirmed or answered Kontan.co.id questions regarding the issue of the Paiton PLTU share acquisition.

Just so you know, currently the majority of PLTU Paiton’s shares are owned by Mitsui Corp, which is 45.5%. However, it is rumored that Mitsui will release all of its share ownership in the 2,045 megawatt (MW) power plant.

Apart from Mitsui, there are several other foreign investors who hold shares in PLTU Paiton located in Probolinggo, East Java. Among them, Nebras Power Qatar, which has a 35.5% stake, and Jera, a joint venture between Tokyo Electric Power Group and Chubu Electric Power Group, which owns 14% of the PLTU. The remaining 5% of PLTU Paiton shares are owned by TOBA.

Quoting the official Paiton Energy website, the Paiton PLTU was founded in 1994 and is capable of producing around 13,500 GWh of electricity per year. This PLTU contributes about 10% of the annual electricity consumption in Java Island.