PT Barito Renewables Energy (BREN), a renewable energy firm under the control of Indonesian tycoon Prajogo Pangestu, has secured a US$121.1 million (Rp1.99 trillion) loan to fund the expansion of its Salak-Darajat geothermal project through its subsidiaries under the Star Energy Geothermal Group.
BREN, established in 2018 under the name PT Barito Cahaya Nusantara, is a leading Indonesian renewable energy company under the Barito Pacific Group. BREN is also expanding into wind energy and stakes in other wind projects.
The loan agreement, signed on June 19, 2025, is structured as a Senior Secured Term Facility Agreement and involves three BREN subsidiaries as borrowers: Star Energy Geothermal Pte. Ltd. (SEGPL), Star Energy Geothermal Netherlands B.V. (SEGN B.V.), and Star Energy Geothermal (Salak Darajat) B.V. (SEGSD B.V.).
“However, SEGPL, SEGN B.V., and SEGSD B.V. are all wholly controlled subsidiaries of BREN,” Agus Sandy Widyanto, BREN’s Director and Corporate Secretary, said in a disclosure to the Indonesia Stock Exchange (IDX) on Monday, June 23, 2025.
DBS Bank Ltd. is acting as the facility agent, security agent, and account bank, while Sumitomo Mitsui Banking Corporation (SMBC) Singapore Branch joins DBS as the initial lender. There is no affiliated relationship between the borrowers and the lenders.
Under the agreement:
● Facility A totals US$96.1 million and is allocated to SEGPL and SEGN B.V.;
● Facility B amounts to US$25 million, allocated to SEGSD B.V.
Both loan facilities carry a five-year tenor, with an initial maturity date set for June 18, 2030.
The proceeds will be used to support expansion and retrofitting of existing geothermal power generation units at the Salak-Darajat site, as well as the construction of a new unit that will add an estimated 47 megawatts (MW) of capacity. In addition, the funds will cover obligations under the EPC (Engineering, Procurement, and Construction) contracts and other related project execution costs.
Facility A is secured by BREN’s shares in holding entity SEGHSDBV and by liens over project-related transaction accounts in Singapore. Meanwhile, Facility B is secured through a structure referenced in the Green Bond Intercreditor Deed, along with other relevant collateral documentation.
Management emphasized that this financing will enhance liquidity for the three subsidiaries and directly support the smooth operation and expansion of BREN’s geothermal initiatives managed under the Star Energy Group.
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