Under terms of the agreements, Ormat will acquire 49% of the shares of the Ijen geothermal project company and will commit to additional funding for the project exploration and development, subject to specific conditions. A subsidiary of Medco Power will retain 51% ownership in the company. Ormat and Medco will develop the project jointly.
The Ijen project assets, whose final capacity will be determined after exploration, include a geothermal concession and 30-year PPA for up to 110 MW capacity. The project is ready for exploration and development with some slim holes already drilled and commercial operation is expected at the end of 2022.
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