Barito Renewables Joins FTSE Global Equity Index Amid Expansion and Business Growth Strategy
Jakarta. Barito Renewables Energy (BREN) has been included in the FTSE Global Equity Index, large-cap category, for the June 2024 period.
The announcement from FTSE Russell states that this will take effect on Monday, June 24, 2024.
“We welcome BREN's inclusion in the FTSE Global Equity Index. This inclusion is a testament to market confidence in our long-term business strategy, where we are committed to supporting the energy transition towards net zero. BREN's entry into this index also reflects the market's appreciation of our expansive efforts, including the acquisition of wind power plants which diversify our geothermal portfolio,” Merly, Corporate Secretary and Director of Barito Renewables, was quoted as saying in a recent press statement.
Background information from the FTSE Russell website describes the FTSE Global Equity Index as a prestigious benchmark used by investors for making investment decisions. This index includes a total of 19,000 public companies with large, medium, small, and micro market caps across 49 countries, including emerging markets. FTSE Russell provides insights to investors to manage their portfolio concentration and diversification.
BREN's addition to the FTSE Global Equity Index underscores the company's commitment and aligns with its business development and strategy. Earlier this year, through our subsidiary Barito Wind, the company expanded its renewable energy portfolio by acquiring the Sidrap 1 wind power plant with a capacity of 75 MW. Barito Wind also acquired late-stage development assets, Sidrap 2, with a potential capacity of 69 MW, with tenders expected in the second half of 2024.
Additionally, our geothermal subsidiary, Star Energy Geothermal, continues to implement strategic operational measures to increase capacity at the Salak, Darajat, and Wayang Windu units through retrofit programs and the addition of new units, potentially increasing capacity by 116 MW. These are expected to commence operations from 2025 to 2027, bringing the geothermal capacity from the current 886 MW to 1,002 MW.
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