Karawang. PP Energi, a subsidiary of state construction company Pembangunan Perumahan (PTPP), has successfully concluded the divestment of its shares in Inpola Meka Energi to Energi Infranusantara for Rp 45.17 billion ($2.91 million).

"This transaction is a part of the company's financial restructuring through the divestment of several business portfolios,"  Bakhtiyar Efendi, Corporate Secretary of PTPP, said on Friday.

The transaction, which occurred in late December in Karawang Regency in West Java, saw PP Energi releasing its ownership of 38.77 percent, equivalent to 496,645 shares in Inpola Meka Energi, with a divestment value of Rp 45.17 billion, to Energi Infranusantara.

Energi Infranusantara, a renewable energy sector investor with over 11 years of experience in Indonesia, operates as a subsidiary of Nusantara Infrastructure, a Salim Group entity.

Salim Group is one of the largest conglomerates in Indonesia, with diverse business interests spanning various industries, from food and beverages (Indofood Sukses Makmur) to automotive (Indomobil Sukses Internasional).

Established in 2008, Inpola Meka Energi is engaged in the renewable energy sector, holding a concession for a 2x5 megawatts mini-hydro power plant in Lau Gunung, Dairi Regency, North Sumatra. The power plant has been operational since 2020. 

Clean energy companies are on the rise in Indonesia. Within a brief span of two months last year,  Barito Renewables Energy, a geothermal company owned by conglomerate Prajogo Pangestu, has claimed the top position in the list of companies with the highest market capitalization on the Indonesia Stock Exchange (IDX), surpassing Bank Central Asia.