Renewable firm Terregra Asia Energy to float shares on IDX

PT Terregra Asia Energy, which engages in renewable energy business, is planning to launch initial public offering (IPO) in second quarter this year, aiming at raising fresh funds to fund its solar and mini-hydro power plants on Sumatera Island.

Corporate Secretary of Terregra Christin Soewito after held mini expose at the IDX said, the company plans to list its shares on May 8, with funds raising target of up to Rp200 billion. The company has pointed Lautandhana Securindo as underwriter of the corporate action.

Christin added, Terregra would offer approximately 600 million shares, or approximately 21% of the issued and paid-up capital. Currently, the company plans to finalize as many as four mini-hydro projects with a capacity of 40 megawatts.

The four projects were located in Tapanuli, North Sumatra. The company has develops mini hydro and solar power energy, with total installed capacity of 72 MW.