JAKARTA - PT TBS Energi Utama Tbk (TOBA) and PT PLN Nusantara Power (PLN NP) sign a power sale and purchase with PLN Batam regarding the Tembesi Floating Solar Power Plant of 46 MWp.

In the information disclosure quoted Thursday (15/2), Mufti Utomo, Director of TOBA, mentioned that the agreement period will take place for 25 years after both parties joined to form a venture.

“Power sale and purchase agreement will take effect once the company, through its subsidiary, and PLN NP have formed a joint venture, in which all rights and obligations of the company in said contract will be transferred to the joint venture,” Utomo said.

The agreement between TOBA and PLN NP was signed yesterday (12/2). It is projected to generate contribution towards the operation and sustainability of the company.

The said measure is said to offer contribution towards attaining carbon neutrality target by 2030. “In the long term, the agreement will further strengthen the company’s financial condition,” Utomo added.

In Q3 2023, TOBA booked revenue of USD 370.4 million and gross profit of USD 52.4 million. Coals dominated by generating USD 321 million, followed by electricity of USD 44 million, and others of USD 5 million.

The coal market was dominated by domestic market, of 24%, followed by Taiwan 19%, the Philippines 18%, China 16%, India 12%, and Thailand 4%. (LK/ZH)