Arsianews, Jakarta – Qatari energy investment firm Nebras Power QSC is considering selling its stake in PT Paiton Energy, one of Indonesia’s largest independently owned power producers, according to people familiar with the matter.
As reported by Bloomberg, Nebras’s 35.5 percent holding in Paiton could be valued at more than $1 billion, the people said, asking not to be identified as the matter is private. Nebras has held initial talks with potential financial advisers, but hasn’t started a formal sale process, the people said.
Qatar, one of the world’s biggest liquefied natural gas producers, set up Doha-based Nebras in 2014 to help build a portfolio of global power assets. The company is controlled by Qatar Electricity & Water Co and the state sovereign wealth fund. Nebras acquired its stake in Paiton from French utility Engie SA in 2016.
No final decisions have been made, and Nebras may also decide to retain its stake in Paiton, the people said. A representative for Nebras declined to comment. A representative for Paiton said she couldn’t immediately comment.
Mitsui & Co holds another 45.5 percent of the Indonesian firm with the rest owned by Jera Co. and PT Toba Bara Sejahtera. Paiton owns three coal-fired power plants and generates about 13,500 gigawatt hours of electricity per year, contributing about 10 percent of the electricity used by the Indonesian island of Java annually, according to its website.