Monday, March 23, 2015

Indonesia:

New Buyer Sought for 30 MW Sokoria Geothermal Project (SeeNews Renewables)

Raya Group Ltd (ex Panax Geothermal) 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 Sydney construction company 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, whereĐ°s the whole plant is to reach commercial operations between 2023 and 2024.