PROJECT | Staff Reporter, Indonesia

MedcoEnergy buys 77.68% stake in PT Saratoga Power

This upgraded its effective interest from 49% to 88.62%.

PT Medco Energi Internasional Tbk announced that it has acquired a 77.68% interest in PT. Saratoga Power from Saratoga and other shareholders. With this transaction, the Company has increased its effective interest in PT. Medco Power Indonesia ("MPI”) from 49% to 88.62%. The remaining 11.38% effective share in MPI held by the International Finance Corporation is unchanged.

Established in 2004, MPI is a leading mid-sized IPP in Indonesia with its primary focus on power from natural gas and geothermal sources.

MPI currently operates over 520MW of gross installed capacity following the commercial operation of the Cibalapulang 1 mini-hydro facility in September 2017, and the expected commercial operation of the Sarulla Unit 2 geothermal plant in October 2017, one month ahead of schedule. MPI gross operated capacity will further increase when Sarulla Unit 3 (110MW) reaches commercial operation in Q2 2018, and Riau CCPP (275MW) in 2021.

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