Astra-Backed Arkora Hydro Leaps into Solar Power with 99.9% Buyout of 21.3 MWp Island Portfolio

JAKARTA, Investortrust.id — Renewable power producer PT Arkora Hydro Tbk (ARKO) executed its first major move into solar power on Wednesday, securing a 99.9% controlling interest in PT Endorshine Energy Solutions.

The takeover hands the Astra Group-backed hydro specialist active utility-scale photovoltaic installations across the strategically vital industrial islands of Batam and Bintan in the Riau Islands province.

The deal accelerates Arkora's transformation from a pure-play run-of-river hydro producer into a multi-technology clean energy platform.

Expanding into the Riau Islands gives Arkora a direct foothold in the high-demand cross-border electricity corridor between Indonesia and Singapore, where regional industrial demand for zero-emission energy certificates is rapidly rising.

Expanding Clean Generation Footprint

According to regulatory filings confirmed on Wednesday, Aug. 26, 2026, Arkora completed the transaction via its dedicated solar investment arm, PT Arkora Tenaga Matahari (ATM), following corporate approval from the Ministry of Law and Human Rights received on Aug. 24.

Arkora acquired the equity directly from Yang Solar Solutions Pte Ltd after satisfying all conditions precedent without pending closing conditions.

"For us, growth is not merely about expanding operational scale, but about ensuring every strategic move generates sustainable value creation for our shareholders," Arkora Hydro President Director Aldo Artoko stated on Wednesday.

The acquisition delivers 21.3 megawatt-peak of operational capacity, split between an 11.05 MWp utility farm in Batam and a 10.27 MWp array in neighboring Bintan.

Scaling the Multi-Tech Power Pipeline

Integrating the two solar assets expands Arkora's total contracted capacity to 84.1 MW, combining 62.8 MW across six operational hydropower plants with 21.3 MWp in solar installations.

The company is leveraging its strengthened balance sheet and operational footprint to advance an active renewable development pipeline exceeding 300 MW nationwide.

Between 2017 and 2025, Arkora’s operating fleet eliminated an estimated 277,241 metric tons of carbon dioxide equivalent emissions (ton CO₂eq).

"This acquisition represents an integral part of our commitment to broaden our clean energy delivery, aligned with our mission to power Indonesia through renewables and accelerate the national energy transition," Artoko added.

Management expects the hybrid energy portfolio to directly support Indonesia's 2060 Net Zero Emission roadmap while enhancing long-term cash flow predictability from institutional power purchase agreements.