Barito Renewables' subsidiary, PT Barito Wind Energy, reached an agreement in principle on December 8 with UPC Renewables Asia Pacific Holdings Pte. Ltd and ACEN Renewables Pte. Ltd. This agreement paves the way for acquiring 100% shares of PT UPC Sidrap Bayu Energy (Sidrap). Located in South Sulawesi, Sidrap is Indonesia's first and one of the largest wind power plants, with 75 megawatts (MW) capacity. As part of this strategic move, the acquisition will include PT Operation and Maintenance Indonesia (OMI), essential in supporting Sidrap's operations.

The transaction is expected to be completed in the first quarter of 2024, subject to terms and approval from the State Electricity Company (PLN) Indonesia. This significant step confirms Barito Renewables' commitment to driving sustainable energy solutions and contributing to Indonesia's renewable energy landscape.