Press Release
Equity Investment in PT Kencana Energi Lestari, Tbk, Indonesia
~TEPCO RP’s First Equity Investment in an Overseas Renewable Energy Company~

February 16, 2022

TEPCO Renewable Power, Inc.

Tokyo, February 15, 2022: TEPCO Renewable Power, Inc. acquired 25% of the issued shares of PT Kencana Energi Lestari, Tbk (hereinafter referred to as, ”KEL”), a renewable energy company in Indonesia, thereby making the company an affiliate. This marks the first equity investment by TEPCO Renewable Power, Inc. in an overseas renewable energy company that manages several power generation companies.

KEL is a renewable energy company in Indonesia that focuses on hydroelectric power and currently owns three hydroelectric power subsidiaries. In the short term, the company also plans to build a new 200MW hydroelectric power plant, and in the mid/long-term, KEL aims to develop a total of 500MW of renewable energy through new projects.

Going forward, through KEL, TEPCO RP will apply our know-how of operation and maintenance technology that we have cultivated over many years through our hydroelectric power business in Japan to the operation of hydroelectric power plants operated by subsidiaries of KEL. We believe this will help to increase our value. TEPCO RP will continue to deliberate other ways in which to participate in the development, construction, and operation of new renewable energy projects in Indonesia.

While continuing to build partnerships with domestic and overseas operators, TEPCO RP will proactively promote the development of primarily overseas hydroelectric and domestic/overseas offshore wind power projects. Through these initiatives we will maximize the gifts of nature to provide a stable and low-cost source of electricity thereby contributing to the creation of a clean and sustainable carbon neutral society.

Comments by the President of TEPCO RP
I feel both extremely happy and reassured to have capital participation in KEL, which is working to expand the use of renewable energies in Indonesia, thereby gaining a partner that can help us achieve our challenging objective of becoming carbon neutral by 2050.
Over many decades TEPCO RP has cultivated technical prowess and know-how about the planning, construction, and O&M of hydroelectric power stations in Japan. We intend to leverage this technical prowess and knowledge to the best of our ability not only in Japan, but overseas, as we embody our management philosophy of, “Harnessing the Natural Resources to Energy, and further to Society” on a global scale.

Comments by Mr. Henry Maknawi, President of KEL
Kencana Energi Lestari develop and supply energy from renewable sources and we have started on a journey to develop hydropower. Going forward, we will expand our field of business to develop other renewable energy sources.
We believe our business should contribute to maintaining a sustainable society in the present and future. Our business success is dependent upon our fulfillment of our environmental and social responsibilities, firm governance, the creation of lasting benefits for society, environmental conservation, and the achievement of our purpose as a company: to deliver POWER OF GOOD.
Kencana Energi Lestari are very pleased to welcome TEPCO RP as a strategic partner on our ongoing journey and we believe this strategic partnership demonstrates our commitment to expanding renewable energy. We would like to thank you for your interest in our company, and we are looking forward to collaborating into the future.

<Attachment>

• KEL Company Overview(735KB)