PT Indika Energy Tbk (INDY) and Fourth Partners Energy Singapore formed a joint venture called PT Empat Mitra Indika Tenaga Surya (SMITS).

Meanwhile, the share ownership portion is Indika Energy through PT Indika Tenaga Baru, controlling about 51% with a paid-up capital of Rp14.269 billion and Fourth Partner Energy Singapore of around 48.999% or Rp13.709 billion.

"The company's participation in the establishment of EMITS is a step for the company to expand its business in the renewable energy sector, especially solar power plant business activities in Indonesia," said INDY's Corporate Secretary, Adi Pramono, in the IDX disclosure Friday (5/3).

The establishment of this joint venture company aims to provide consulting services related to solar power project installations, provide solar project building construction, operation and regulation of electrical installations, and rental of power plants or solar power installations as solar power plant IPP activities.