NewX Energy, PTBPP set up JV for $2.6bn technology infrastructure projects
As per the terms of the joint venture agreement, NewX will deploy its technology within PTBPP’s future portfolio of power business including international business ventures.
Through the joint venture, PTBPP expects 40% of more increase in its net profit, coming in from the operational efficiency savings and from the new business opportunities.
PTBPP Group chairman Christien New said: “In developing Asia alone, 350 million people lack access to electricity. In the first phase of this project, NewX and PTBPP aim to connect 120 million people across Asia to affordable electricity.
“NewX’s groundbreaking technology will enable us to maximize operational efficiency and seize new business opportunities, helping accelerate the growth of PTBPP.”
The two companies claim to have identified global opportunities for the joint venture. They are in talks with private utility operators across Europe, China, Brazil, and the Middle East planning to deploy NewX’s technological solutions.
The current project of PTBPP is a coal-fired plant with four units, each with 330MW of capacity. The first phase of the project will sit on 30 hectares and is targeted for East Bintan Maritime Industrial Estate Galang Batang, Gunung Kijang Village, Gunung Kijang Sub-district, Bintan Regency, Riau Islands.
The second phase will be located in Teluk Bintan, supplying power to Bintan resorts and industries, Pertamina, PLN Tanjung Uban and PLN Tanjung Pinang.