Friday, June 14, 2024

BREN joins FTSE global water equity index in large cap category

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PT Barito Renewables Energy (BREN) has been included in the FTSE Global Equity Index, a large cap category, which will take effect on Monday, June 24, 2024.

Corporate Secretary of Barito Renewables, Merly, said that BREN’s inclusion in the FTSE Global Equity Index reflects the market’s confidence in the company’s long-term business strategy and commitment to supporting the energy transition towards net zero emissions.

“This inclusion also represents the market’s appreciation for BREN’s expansive steps, including the acquisition of wind power plants, which diversifies our geothermal portfolio,” Merly said on Monday, May 27, 2024.

According to the FTSE Russell website, the FTSE Global Equity Index is a prestigious benchmark used by investors for making investment decisions.

The index includes a total of 19,000 public companies with large, mid, small, and micro market caps across 49 countries, including emerging markets.

FTSE Russell also provides insights to investors for managing the concentration and diversification of their investment portfolios.

The addition of BREN to the FTSE Global Equity Index underscores the company’s commitment and aligns with its business development and strategy. Earlier this year, through Barito Wind, BREN expanded its renewable energy portfolio by acquiring the Sidrap 1 wind power plant with a capacity of 75 MW.

Merly added that Barito Wind also acquired late-stage development assets, including Sidrap 2, with a potential capacity of 69 MW, which is scheduled for tender in the second half of 2024.

She also mentioned that through its geothermal subsidiary, Star Energy Geothermal, the company undertakes strategic operational steps to increase capacity at the Salak, Darajat, and Wayang Windu units through retrofit programs.

In addition to these programs, new units are being added, which are expected to increase capacity by 116 MW.

This infrastructure is anticipated to become operational between 2025 and 2027, raising the geothermal capacity from the current 886 MW to 1,002 MW in the future.

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