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Raya, Bakrie seek new buyer for 30-MW geothermal project

Geothermal power plant. Author: Idaho National Laboratory. License: Creative Commons, Attribution 2.0 Generic

March 23 (SeeNews) - Raya Group Ltd (ASX:RYG) and PT Bakrie Power Corp are looking for new potential buyers of the 30-MW Sokoria geothermal project in Indonesia following the termination of an existing pact with Space Con Pty Ltd.

Australia-based Raya said on Monday that the two parties will not sell an 85% stake in PT Sokoria Geothermal Indonesia to SpaceCon, as agreed in January, because certain documents were not presented to the Indonesian authorities by the March 11 deadline. The heads of agreement between the companies has now been cancelled.

Raya noted that, alongside Bakrie, it is already holding talks with other interested parties. The Australian geothermal firm has a 45% interest in the Sokoria project, while its partner holds 53%.

The first 5-MW unit of the geothermal power facility, located on Flores Island, is expected to come online in December 2018, whereаs the whole plant is to reach commercial operations between 2023 and 2024.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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