PT Barito Wind Energy (Barito Wind), a subsidiary of Barito Renewables, and ACEN Renewables International, through its subsidiary, ACEN Investments HK Limited (ACEN HK), announced today the signing of a Sale and Purchase Agreement (SPA) with UPC Renewables Asia Pacific Holdings for the acquisition of late-stage wind development assets in Indonesia.

Under the terms of the agreement, Barito Wind will own 51% of the three development assets, while ACEN HK will own the remaining 49%. The three late-stage wind development assets, with a combined potential capacity of 320 MW, are located in South Sulawesi (Sidrap 2), Sukabumi and Lombok provinces in Indonesia.

Indonesia has pledged to reach net zero emissions by 2060, which includes a commitment to increase the country’s renewable energy output to 23% by 2025. The country has also introduced its sustainable energy transition plan in the G20 Summit in Bali last year and was welcomed by the international community.

Furthermore, Barito Wind and ACEN are in discussions to form a long-term partnership to collaborate on additional wind energy projects in Indonesia beyond the three late-stage wind development assets.

Hendra Tan, CEO of Barito Renewables, shared: “Our investment into Sidrap 2, Sukabumi and Lombok, together with our esteemed partner, ACEN, positions us best to tap into Indonesia’s vast wind energy potential and contribute to the country’s renewable energy landscape. Barito Renewables remain steadfast in supporting Indonesia’s pursuit of a net zero future and delivering clean energy locally and globally.”

ACEN and Barito share the same decarbonization initiatives towards helping Indonesia reach its renewable energy targets, aligned with the country’s net zero goal. Barito, through its subsidiary, Star Energy, is also ACEN’s partner in the 663 MW Salak and Darajat Geothermal plant in West Java, Indonesia.

Patrice Clausse, CEO of ACEN International, shared: “Indonesia was our first foray outside of the Philippines, underlining its strategic importance in ACEN’s growth story. As a leading player in the renewable energy sector, this significant agreement with Barito Renewables and UPC Renewables marks another milestone in our journey. The potential acquisition aligns perfectly with our growth strategy, particularly in expanding our wind energy footprint in the Asia Pacific region.”