Friday, April 8, 2016

Australia: Origin Sells Stake in 240 MW Sorik Marapi Geothermal Power Project

Origin sells geothermal asset for $US30m (The Australian)

Australian company Origin Energy will get $US30 million ($A39.97 million) for its stake in an Indonesian geothermal project as it continues to sell assets in response to weak oil prices.

The company has agreed to sell its 50 per cent interest in OTP Geothermal to Icelandic energy firm KS Orka Renewables.

OTP holds a major stake in a company developing the 240 megawatt Sorik Marapi geothermal power plant in North Sumatra.

"The divestment ... is consistent with the company's strategy to reduce debt and narrow its focus to two core businesses, energy markets and integrated gas," Origin said.

The Tata Power Company Limited announced on Friday that its wholly owned subsidiary, Singapore-based Tata Power International Pte. Limited (TPIPL), has signed an agreement with KS Orka Renewables Pte. Ltd. for the sale of its 50 per cent stake in OTP Geothermal Pte. Ltd. (OTP).