Barito Renewables lands $300M loan from Bangkok Bank for geothermal push
What's the deal? PT Barito RenewablesDealroom has a profile for this one. Try Dealroom → Energy (BREN), controlled by Indonesian tycoon Prajogo Pangestu, has secured a $300 million (Rp 5.36 trillion) loan from Bangkok BankDealroom has a profile for this one. Try Dealroom →. The facility was raised through its Singapore-based subsidiary, Star Energy Group Holdings (SEGHPL).
How it's structured? The loan splits into two commitments: Facility A worth $105 million and Facility B worth $195 million. It carries a 60-month tenor from the first drawdown of Facility A.
What's the money for? BREN will fund two geothermal projects — Suoh Sekincau in Sumatra and Hamiding in Maluku. Facility A covers pre-construction at Suoh Sekincau, while Facility B finances construction at both sites.
Of the total, $105 million is earmarked for Suoh Sekincau via a capital injection into PT Star Energy Suoh Sekincau, and $90 million goes to the Hamiding project through PT Star Energy Geothermal Indonesia.
Why now? This is a quick re-raise for BREN, which is deepening its debt capacity to bankroll a growing pipeline. Management said the facility should also improve group liquidity management and strengthen its funding position in geothermal and power.
What's the collateral? To secure the loan, SEGHPL pledged shares across group companies to Bangkok Bank. For Facility B, it pledged an additional 259,281 shares of Star Energy Geothermal, plus a second-ranking pledge over 279,646 shares dated July 20, 2026. It also committed shares in Dutch entities and set up a dollar-denominated debt service reserve account at Bangkok Bank.
What's the endgame? BREN and SEGHPL want to create a funding source that supports operations, capital expenditure, and project development across the group. The company said the aim is to "support sustainable business growth and the achievement of the group's overall commercial objectives."
The signal: The deal underscores how Indonesia's largest renewables player is leaning on international bank debt to scale geothermal capacity. With projects spread from Sumatra to Maluku, BREN is betting that early-stage geothermal development can be financed through structured, asset-backed lending.
Read more: Katadata
Image credit: martin_vmorris
