JAKARTA, 9 April 2021 – PT Medco Energi Internasional Tbk (“MedcoEnergi”) is pleased to announce the completion of the transaction to form a strategic alliance between PT Medco Power Indonesia (“Medco Power”) and Kansai Electric Power Company (“Kansai Electric”).

Through the alliance, Medco Power and Kansai Electric will work together under a jointly owned platform to develop and operate existing and new gas-fired power plants and expand their operation and maintenance business in Indonesia. The alliance brings together Kansai Electric’s global technical expertise with Medco Power’s experience in developing and operating power plants in Indonesia.

Hilmi Panigoro, the President Director of MedcoEnergi, said, “We are delighted to enter this strategic alliance with Kansai Electric and look forward to growing our power business together”.

Eka Satria, President Director of Medco Power said “The alliance with Kansai Electric will further strengthen our capabilities and allow us to continue developing our Gas IPP and O&M businesses in Indonesia, through the application of advanced technology and best international practices”.

Established in 2004, Medco Power is a leading power producer in Indonesia, with gross contracted capacity of ~3,100 MW. Medco Power focuses on gas and renewable power, and O&M services. Kansai Electric is one of the largest Japanese power companies with a presence in 13 countries across Asia, Europe and USA with a total generation capacity of 33.5 GW.

J.P. Morgan acted as the sole financial advisor to Medco Power.