PT Barito Renewables Energy Tbk (IDX:BREN) reached an in-principle agreement to acquire PT UPC Sidrap Bayu Energy from UPC Renewables Asia Pacific Holdings Pte Limited and ACEN Renewables International Pte. Ltd. on December 8, 2023. As part of this strategic move, the acquisition will also encompass PT Operation and Maintenance Indonesia (OMI), which plays a crucial role in supporting Sidrap?s operational activities.

The transaction is subject to satisfaction of condition precedents and approval from Indonesia Electricity Company (PLN). All parties expect to enter into transactions imminently with completion expected to occur in the first quarter of 2024.