Shares of Indonesian renewable energy company Barito Renewables Energy, which went public in Jakarta on the morning of October 9, rose 25% after it raised 3 shares through an initial public offering (IPO) last week..13 trillion rupiah (about 200 million U.S. dollars) in funding。

On the first day of the listing of Barito Renewables, the "daily limit" mechanism was triggered.

When the Indonesian Stock Exchange (IDX) opened, the stock rose to 975 rupiah per share, up about 25% from the IPO price of 780 rupiah, directly triggering the IDX trading cap limit, which remained unchanged for the rest of the trading day.。According to statistics, Barito Renewables has sold more than 4 billion outstanding shares to the public, a number that represents only 3% of the company's shares.。

In line with Indonesia's political agenda, the country will hold presidential and legislative elections next year, which are usually quiet periods for big businesses to roll out new initiatives.。The public offering in Jakarta by Barito Renewables, a subsidiary of Indonesian energy group Barito Pacific, is apparently another test of investors' interest in Indonesia's underdeveloped renewable energy sector.。

Prior to this, there have been several rounds of financing of renewable energy companies in IDX, the share price rose equally gratifying。

In February, Pertamina Geothermal Energy (PGE), a subsidiary of Indonesia's state-owned oil and gas giant Pertamina, raised 9.056 trillion rupiah, followed by a new round of financing for the company。Tracking the company's share price found that while PGE's share price was essentially flat in the previous months, the share price has since nearly doubled from the IPO price, closing at 1,600 rupiah on October 6.。

Tan Hendra Soetjipto, CEO of Barito Renewables, explained the rise of the company in a speech before the start of the IDX deal, and the process was quite inspirational。Soetjipto said: "Barito Renewables started at 110 MW and currently operates 886 MW of geothermal power.。Barito Renewables IPO poised to become valuation benchmark for renewable energy companies。He added that the company expects that the clean and renewable energy solutions offered will help reduce pollution in the Indonesian capital, Jakarta, and "make the skies blue again."。

Indonesia: Net Zero Carbon Emissions by 2060

It is reported that Indonesia is promoting the goal of "achieving net zero carbon emissions by 2060" by accelerating the use of renewable energy and the elimination of coal-fired power plants.。

Unlike intermittent solar or wind energy, geothermal energy provides a relatively continuous and stable power supply。Indonesia is estimated to have 27.8 gigawatts of geothermal resources, second only to the United States。However, the installed capacity of geothermal in Indonesia last year was only 2.3 gigawatts, a lot of room for development。

Barito Renewables said it plans to increase the installed capacity of the Wayang Windu power plant by 23 megawatts to 253 by 2025..5 MW。The company also plans to further expand all three geothermal power plants, with a total potential installed capacity of more than 300 MW.。

Currently, Indonesian billionaire Prajogo Pangestu controls the parent company of the geothermal company, which also holds stakes in Chandra Asri Petrochemical, Indonesia's largest petrochemical group, and Indo Raya Tenaga, which is building a 2-GW coal-fired power plant in Banten province.。

In a press release, Agus Salim Pangestu, CEO of Barito Pacific and Chairman of the Board of Directors of Barito Renewables, said: "We are proud to announce the listing of Barito Renewables on the Indonesian Stock Exchange, which will underline our commitment to support the government's sustainable energy transition plan.。We thank our partners and investors for their trust in us to achieve our zero emissions goal.。"