Qatar’s Nebras Power will acquire a 35.5% stake currently held by Engie in PT Paiton Energy.
The chief executive of Nebras said the move will be complete by the end of 2016.
Engie currently has a 40.5% stake in the company.
Khalid Jolo said: “The Paiton project we are in the process of closing now. We are targeting the end of this year.”
Qatar, the world’s biggest liquefied natural gas producer, founded Nebras in 2014 as a $1 billion investment arm to add foreign power and water assets to stakes it already had in businesses from Volkswagen to Harrods department store in London.
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