JAKARTA - PT Arkora Hydro Tbk (ARKO) is expanding its renewable power portfolio by acquiring a 100% stake in PT Endorshine Energy Solution (EES), a company that owns and operates solar power plants (PLTS) in Batam and Bintan, Riau Islands.
The acquisition was carried out through two ARKO subsidiaries, PT Arkora Tenaga Matahari (ATM) and PT Arjuna Hidro (AJ), based on three Deeds of Sale and Purchase of Shares signed on 12 August 2026.
The transaction became effective after ARKO received the Notification Receipt of EES Corporate Data from the Minister of Law of the Republic of Indonesia on 24 August 2026.
Under the new ownership structure, ATM holds 99.99% of EES, while AJ holds 0.01%. As a result, EES has become an indirectly controlled subsidiary of ARKO.
EES shares were previously owned by Yang Solar Solutions Pte Ltd. All conditions precedent have been fulfilled and the transaction has therefore been completed.
ARKO President Director Aldo Artoko said the acquisition of EES is part of the company's strategy to expand its renewable energy portfolio and pursue both organic and inorganic growth opportunities.
Before the EES acquisition, ARKO's contracted power generation portfolio consisted of six hydropower projects with a total capacity of 62.8 MW.
ARKO now has two additional solar power projects with a combined capacity of 21.3 MWp, comprising the 10.27 MWp Bintan solar power plant and the 11.05 MWp Batam solar power plant.
With the additions, ARKO's contracted capacity has reached 84.1 MW, consisting of six hydropower projects with a capacity of 62.8 MW and two solar power projects totalling 21.3 MWp. The company also has a renewable energy project pipeline of more than 300 MW.
The EES acquisition also expands ARKO's portfolio diversification, from previously focusing on hydropower generation to a combination of hydropower and solar power.
"This acquisition is also part of our efforts to continuously expand the company's contribution to clean energy supply, in line with our vision of lighting up Indonesia with renewable energy and supporting the acceleration of the national energy transition," Aldo said in an official statement.
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Source: IDNFinancials
