JAKARTA - PT Batam Tirta Surya (BTS) and PT PLN Nusantara Renewables (PLN NR) will form a joint venture engaged in the renewable energy sector. BTS is known to be a subsidiary of PT TBS Energi Utama Tbk (TOBA), while PLN NR is a subsidiary of PT PLN Nusantara Power (PLN NP).

Alfin Sunanda, Director of TOBA, confirmed that TOBA’s subsidiary and PLN NR will establish PT Nusantara Trembesi Baru Energi (NTBE), a power supplier. “It is a follow-up to the signing of power sale and purchase agreement between the consortium of the company and PLN NP with PLN Batam regarding the supply of power from floating solar panels in Tembesi of 46 MWp,” he said in the information disclosure quoted Tuesday (30/4).

According to Sunanda, NTBE’s shareholder structure consists of BTS of 49% and PLN NR of 51%. The JV establishment had been stated on an act dated April 4, 2024. Both companies in this transaction are not affiliated.

It is known that TOBA has aggressively expanded in the renewable energy sector. This year, shareholders agreed upon allocating USD 7.11 million to strengthen its working capital, which can be used, not limited to, investment in new and renewable energy sector. The source of fund comes from retained earnings from the 2023 net profit. (LK/ZH)