Jakarta – The Extraordinary General Meeting of Shareholders (EGMS) of PT TBS Energi Utama Tbk (TBS/TOBA) approved the company’s strategic move to divest two Steam Power Plant (PLTU) assets with a total capacity of 200 megawatts (MW).
The divestment involves PT Minahasa Cahaya Lestari (MCL) and PT Gorontalo Listrik Perdana (GLP), with PT Kalibiru Sulawesi Abadi (KSA) as the buyer. This step is part of TBS’s commitment to carbon neutrality by 2030, which is in line with the company’s sustainability strategy, “Towards a Better Society 2030.”
TBS Energi Utama Director Juli Oktarina emphasised that this divestment decision is part of the company’s concrete efforts to reduce carbon emissions significantly.
“This PLTU divestment shows our commitment to facing climate change. With this step, we can reduce emissions by up to 1.3 million tons of CO2 per year, following the greenhouse gas (GHG) emission protocol calculation,” Juli said in a press statement last weekend.
From this divestment, TBS is expected to receive fresh funds of USD 144.8 million, much higher than the initial investment of USD 87.4 million. The funds will strengthen the company’s financial structure and reinvest in sustainable energy projects, such as renewable energy, waste management, and electric vehicle ecosystems.
“We see this as a strategic opportunity to shift our focus to the clean energy sector. With the proceeds of this divestment, we have greater financial flexibility to pursue green initiatives that will accelerate the energy transition in Indonesia,” Juli added.
Unaffiliated buyer, transparent transaction
PT Kalibiru Sulawesi Abadi (KSA), which is taking over the PLTU assets, is not an affiliate of TBS. KSA will take over the 2×50 MW Sulut 3 PLTU managed by MCL in North Sulawesi and the 2×50 MW Sulbagut 1 PLTU operated by GLP in Gorontalo. Independent financial consultants Jefferies and Mandiri Sekuritas supervise the divestment process.
“We ensure that the divestment process runs following applicable regulations and considers the interests of all relevant parties, including PT PLN, local governments, and local communities,” Juli explained.
This divestment is part of TBS’s big plan. In 2021, it started transitioning its business from fossil fuel-based energy to renewable energy. The initiative, which focuses on developing clean energy and green technology, is expected to be completed by 2030.
“We have established a clear roadmap to achieve our carbon neutrality target. These measures strengthen our financial position and reinforce our commitment to environmental sustainability and low-carbon growth,” Juli said.
According to market analysts, the divestment move strengthens TBS’s appeal to investors who focus on environmental, social, and governance (ESG) aspects. The action is expected to open up greater access to green financing sources, such as Green Bonds and sustainable loans, which will be used to fund sustainable projects. (Hartatik)
