Xped, Bakrie find buyer for 30-MW geothermal project in Indonesia

Xped Ltd (ASX:XPE) and PT Bakrie Power Corp have signed a deal to sell a combined 95% interest in the 30-MW Sokoria geothermal project in Indonesia to Singapore-based KS Orka Renewables Pte Ltd.

Under the terms of the agreement, Australia-based Xped will sell its entire 45% stake in the project company, PT Sokoria Geothermal Indonesia, and Bakrie will reduce its interest to 3% from 53%. Xped said it will initially receive a nominal payment of USD 1.00 and be entitled to get up to an additional USD 947,368 (EUR 846,400), subject to certain conditions being met.

The buyer has agreed to lend up to USD 1.5 million for working capital to expedite the project and meet regulatory deadlines.

Xped, previously known as Raya Group Ltd, is selling its interest in the project to focus on its new Internet of Things (IoT) technology business, it said.

(USD 1.0 = EUR 0.893)

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