Barito Renewables Boosts Public Float and Clean-Energy Capacity as MSCI, FTSE Index Inclusion Nears

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JAKARTA, Investortrust.id — Public ownership in Barito Renewables Energy has continued to climb this year, positioning the renewable-energy company closer to qualifying for major global indices such as MSCI and FTSE. The increase follows a series of share sales by Green Era Energy that lifted the firm’s public float to 13.3 percent, while the company also strengthened its geothermal capacity and earnings performance.

According to data from the Indonesia Stock Exchange, Green Era Energy, an affiliate within the Barito Group, has sold 2.24 billion shares year-to-date, equivalent to 1.68 percent of Barito Renewables’ total outstanding shares. The divestment expanded public ownership from 11.63 percent to 13.30 percent, or 17.78 billion shares.

Barito Pacific retained its controlling stake of 64.66 percent, while businessman Prajogo Pangestu slightly increased his personal ownership from 0.098 percent to 0.103 percent. Green Era Energy itself lowered its holding to 22.99 percent after selling 481.22 million shares worth Rp 4.16 trillion, or about US$ 250 million, at Rp 8,650 per share on Oct 2.

Management said the transaction aimed to boost the company’s free float and liquidity, key criteria for inclusion in international benchmark indices. Barito Renewables has long been viewed as a potential MSCI and FTSE entrant due to its large market capitalization and trading activity. However, its relatively small public float previously limited eligibility.

Barito Renewables’ market value ranks among the largest on the Indonesia Stock Exchange, making it a favorite among domestic and foreign investors anticipating its global index debut. The stock has risen more than 12 percent over the past month to Rp 9,975 per share, with an intraday high of Rp 10,150 since February 2025.

Strong Financials and Expansion Drive

The company, controlled by Prajogo Pangestu through Barito Pacific, reported a solid first-half 2025 performance supported by higher geothermal output and consistent operational efficiency. Net profit grew 11.5 percent year-on-year to US$ 82 million from US$ 74 million, while consolidated revenue climbed 3.4 percent to US$ 300 million.

Earnings before interest, tax, depreciation, and amortization (EBITDA) increased 4.4 percent to US$ 259 million, with an EBITDA margin improving to 86.3 percent, reflecting stronger cost control and efficiency gains. A successful refinancing with Bangkok Bank Limited also reduced interest expenses, supporting net profit growth.

Through its subsidiary Star Energy Geothermal, Barito Renewables has completed retrofit work on Units 4, 5, and 6 of the Salak geothermal plant, adding 7.7 megawatts (MW) of installed capacity—exceeding initial expectations of 7.2 MW—with a total investment of US$ 22.5 million.

President Director Hendra Soetjipto Tan said the project completion underlined Barito Renewables’ commitment to enhancing asset performance and long-term sustainability. He noted that the initiative aligned with the firm’s strategy to support Indonesia’s clean-energy transition by improving geothermal efficiency.

Following the Salak retrofit, Star Energy Geothermal’s total installed capacity reached 910.3 MW, while Barito Wind, another subsidiary, operates the 78.75 MW Sidrap 1 wind power plant in South Sulawesi acquired last year.

Barito Renewables plans to expand geothermal capacity by more than 100 MW in the coming years, with a total announced investment pipeline of US$ 365 million.