JAKARTA. PT TBS Energi Utama Tbk (TOBA), a coal mining company, now transforming to renewable energy, has established a joint venture (JV) with PT PLN Nusantara Renewables (PLN NR).

Said JV is said to be called PT Nusantara Tembesi Baru Energi (NTBE). The establishment was carried out through TOBA’s subsidiary, PT Batam Tirta Surya (BTS) and PLN NR itself, directly.

The management of TOBA mentioned that the formation of NTBE is a follow-up act regarding electricity sale and purchase agreement signed between the consortium of the company and PLN NR with PLN Batam. In said agreement, the consortium of the company and PLN NR has become the power supplier from floating solar panels of 46 MWp.

“The ownership structure of NTBE consists of BTS of 51% of the shares, and PLN NR of 49%,” said the management of TOBA in the official statement.

“The establishment of NTBE is the company’s initiative as a group to expand and diversify its business to renewable energy sector,” added the management of TOBA.

Yesterday’s (16/4) session saw TOBA stagnated at IDR 258 per share. Since the beginning of the year (year-to-date), the price has declined 17.83% or 56 points. Furthermore, within the past year (year-on-year), it has dropped 43.42% or 198 points. (KR/ZH)