Panax Geothermal Limited is to be renamed Raya Group Limited
“Whilst initial contact has been quite informal, it has highlighted the significance of Power Purchase Agreement (PPA) Approval to continuing discussions, as project funding would need to be linked to confirmed revenue streams from these assets,” Panax said on its recent filing on Australia Securities Exchange (ASX).
Without disclosing the identities of the Groups, one of them is said to have completed significant due diligence on the portfolio of projects, at their own expense.
While the approach has been made, Panax is still monitoring the status and continuing process of PPA approval, specifically for the Sokoria and Dairi Prima Projects. Documentation is still progressing through the execution stage with the relevant Indonesian government authorities.
Additionally, the Extraordinary General Meeting held last week has approved to change the name of Panax Geothermal Limited to Raya Group Limited. According to the cmpany "Raya is a very well-known word and term in Indonesia, and this was also part of the logic behind it." "Indonesia Raya" is the national anthem of the Republic of Indonesia.
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