JAKARTA. PT Arkora Hydro Tbk (ARKO), a renewable energy company established circa 2020, has invested IDR 2.5 billion to form a new subsidiary called PT Arkora Energi Mandiri (AEM).

This new subsidiary was established by ARKO through PT Arkora Pembangkitan Hijau (APH) and PT Arjuna Hidro (AH). According to IDNFinancials data, APH and AEM are companies controlled by the company, with portions of 99% each.

IDR 249 billon of issued and paid-up capital of AEM is controlled by APH, while the remaining IDR 1 billion is taken over by AH.

“The establishment of PT AEM through APH and AH as its shareholders, has made the company indirectly controlling AEM by 99%,” confirmed Prisca Lumban Tobing, Corporate Secretary of ARKO, in the information disclosure in Indonesia Stock Exchange (IDX).

The projects to be handled by AEM are yet to be disclosed. However, based on IDNFinancials’ record, as of now, ARKO manages 4 main projects. At least 2 out of those 4 have yet to commercially operate. Both projects are PLTM (Mini Hydropower Plant) Yentu in Central Sulawesi and PLTM Kukusan 2 in Lampung. (KR/ZH)