Jakarta - PT Green Power Group Tbk (LABA) announced plans to increase capital with pre-emptive rights or rights issue in the first half of 2025.

President Director of LABA, William Ong, revealed that the value of the issuance is estimated at IDR 100-150 billion. "We are currently discussing with securities regarding the number of shares to be issued,” he said in an online public expose.

In addition, LABA is planning a strategic expansion, including the establishment of three new subsidiaries and exploring land development.

As a definitive step in renewable energy, the company signed a memorandum of understanding (MoU) with Presidente Da Regiao Administrativa Especial De Oecusse Ambeno (RAEOA, a government institution in Timor Leste), for a 5 megawatt (MW) solar photovoltaic (PV) power plant and battery energy storage system (BESS) project.

The project includes the design, construction, and operation of the power generation facility by establishing a joint venture with a local partner.

LABA and RAEOA have also agreed on the selling price of energy per kilowatt-hour (kWh). “This project is in line with the company's vision to make renewable energy the main pillar of business growth,” William continued. (DK/LM)