Jakarta. Energia Prima Nusantara (EPN), a subsidiary of heavy equipment distributor United Tractors (UNTR), has completed the acquisition of geothermal company Supreme Energy Rantau Dedap (SERD) shares totaling Rp 1.25 trillion ($80.69 million).

United Tractors Corporate Secretary, Sara K Loebis, explained that on March 15, the transaction closure had occurred as all preliminary requirements in the agreement had been fulfilled by each party.

Earlier, EPN had entered into share purchase agreements with MeriT Power Holdings BV (MeriT), Axia Power Holdings BV, Tohoku Power Investment Company BV, and Inpex Geothermal Ltd (INPEX). EPN acquired 163,136 Series B shares from MeriT and 94,313 Series B shares from INPEX in Supreme Energy Rantau Dedap.

"EPN has completed the payment, totaling $80.69 million or equivalent to Rp 1.25 trillion," Sara said.

According to Sara, the objective of this share purchase agreement was to further diversify United Tractors' business as part of its sustainable growth strategy in the field of power generation using renewable energy sources, particularly geothermal energy.

SERD holds a geothermal license with a capacity of 2 x 49 MW, operational in Lahat Regency, Pagar Alam City, and Muara Enim Regency, South Sumatra Province.

Previously, EPN had also acquired a 49.6 percent stake in Supreme Energy Sriwijaya for a total value of US$ 51.87 million. The transaction was completed on December 27, 2023.

Supreme Energy Sriwijaya is itself a shareholder of SERD. Before the issuance of new shares to EPN, SES was owned by Supreme Energy (SE). Apart from SES, SE also had investments in two other geothermal projects, namely Muara Laboh and Rajabasa.