Yinson marks foray into Indonesian energy market with strategic stake acquisition

Yinson Renewables vice president of business development Marius Kleiven (left) and Inecosolar founder and director Benoît Prim at the signing of the agreement

Yinson Renewables vice president of business development Marius Kleiven (left) and Inecosolar founder and director Benoît Prim at the signing of the agreement

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KUALA LUMPUR (Sept 19): Yinson Holdings Bhd has marked its foray into the Indonesian energy market after acquiring a majority stake in turnkey solar company PT Ineco Solar Solutions (Inecosolar).

In a statement on Monday (Sept 19), Yinson said the stake was acquired via its renewables division Yinson Renewables (YR).

The company said Inecosolar is a well-established solar system provider in Indonesia with a track record in delivering residential and commercial rooftop solar systems.

It said Inecosolar has delivered numerous projects across Bali, Gili, East Java and West Nusa Tenggara.

Yinson said the acquisition aims to enable Inecosolar to provide all-in-one zero-capital solutions, expand its project portfolio and establish itself as an independent power producer (IPP) in Indonesia and beyond.

The firm said a zero-capital arrangement allows businesses to install rooftop photovoltaic (PV) systems with no upfront cost and benefit from reduced electricity tariffs over a 15- to 20-year tenure, adding that Inecosolar aims to pioneer the rooftop solar market in Indonesia with innovative and competitive solutions.

YR chief executive officer David Brunt said the transaction will further build YR’s presence and pipeline in Asia, which is one of its core regions of focus.

“Indonesia contributes approximately a quarter of Southeast Asia’s economic activity and is expected to become a major global economy.

“With a nascent renewable energy market, Indonesia is poised to be a major hub of the energy transition,” said Brunt.

Meanwhile, Inecosolar founder and director Benoît Prim said it is important for the firm to have a strategic partner who not only understands energy but also shares the same vision about how to do things differently and more efficiently in the current market.

“Together, we are looking forward to delivering innovative solutions to our Indonesian customers,” Prim said.

At the midday break, Yinson dipped 1.74% or four sen to RM2.26 with 449,300 shares done.