Jakarta – Renewable energy company PT Terregra Asia Energy Tbk (TGRA) plans to issue shares or rights issue, totalling around 38 billion shares. The corporate action is carried out to support the expansion plan for renewable energy power plants.
“The company will issue new shares, totalling 38.75 billion shares,” said TGRA Director and Corporate Secretary Daniel Tagu Dedo in a written statement to the Indonesia Stock Exchange on Monday, December 30. Daniel added that the new shares will be issued at Rp 50 per share. Thus, the target of obtaining funds from the rights issue of TGRA shares is Rp1.9 trillion.
He said the company has also prepared a strategic investor as a standby buyer for the new share issuance plan. “The due diligence process of the standby buyer is still ongoing,” said Daniel.
Terregra Asia will seek approval for the rights issue plan from its shareholders at its Extraordinary General Meeting of Shareholders (EGMS) in April 2025. “The rights issue process with the availability of a standby buyer is expected to be completed in September 2025,” said Daniel.
Suppose this corporate action goes according to plan. In that case, TGRA will get fresh funding to work on several strategic projects that have received power purchase agreements or PPAs from PT PLN (Persero) and the acquisition of operating assets shortly. “Our target in the short term in five years from 2025 to 2030 is a minimum capacity of 1,000 megawatts,” said Daniel.
The company has five project plans that have received PPAs with PLN with a total capacity of 43.8 MW. The investment value for the five projects is estimated at Rp1.5 trillion. (hs)
