Singapore-listed ISDN Holdings Limited has announced the acquisition of a 51% stake in PT Funda Konstruksi Engineering, a move aimed at enhancing its hydropower capabilities in Indonesia. The acquisition involves 25,500 shares at a nominal value of IDR1,000,000 each, totalling IDR25.5b (approximately S$2.0m).
PT Funda, established in February 2024, specialises in end-to-end hydropower services, including engineering, procurement, and construction (EPC) as well as operations and maintenance (O&M). This acquisition complements ISDN’s existing renewable energy operations, which focus on mini-hydropower plants, enabling the company to offer comprehensive project lifecycle solutions.
The team at PT Funda, with over 20 years of experience, has completed more than 70 hydropower projects across Asia, boasting a total installed capacity of 4,500 MW. In Indonesia, they have successfully executed four grid-connected projects with a combined capacity of 57 MW. Currently, PT Funda has a robust pipeline exceeding 300 MW in planned capacity.
ISDN’s Managing Director and President, Teo Cher Koon, stated, “The acquisition of PT Funda aligns with ISDN’s long-term plan to provide a one-stop renewable energy solution in Indonesia and capture a larger pie in this growing sector.”
This strategic move comes as the Indonesian government aims to double its renewable energy capacity by 2034, with hydropower expected to account for 27.5% of the new capacity. The acquisition positions ISDN to leverage these opportunities, expanding its project pipeline and enhancing its service offerings in early-stage project development and downstream O&M services.
With PT Funda’s integration, ISDN anticipates strengthening its business resilience and expanding its recurring income base, further solidifying its position in the renewable energy sector.
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