Tata Power’s subsidiary signs agreement for sale of its 50% stake in Indonesian geothermal project
Tata Power International Pte. Limited (TPIPL), a Singapore Company & wholly owned subsidiary of Tata Power , has signed an agreement with KS Orka Renewables for the sale of its 50% stake in OTP Geothermal.
The aggregate cash consideration for TPIPL’s 50% stake is US$30 million.
OTP, a 50:50 joint venture with Origin Energy Limited, holds a 95% interest in Indonesia’s PT Sorik Marapi Geothermal Power (SMGP).
SMGP is currently pursuing development of 240 MW Sorik Marapi Geothermal Power Project in North Sumatra. The transition is expected to benefit the project development.
TPIPL has significant investments in Indonesia and remains committed to development of Indonesian power and energy sector. The company’s other investments in Indonesia include investments in PT Kaltim Prima Coal, PT Arutmin Indonesia and PT Baramulti Suksessarana Tbk.
The divestment of the TPIL’s interest in OTP is consistent with the company’s strategy to constantly review its businesses and restructure, as required, to deliver long term value to shareholders.
The sale is subject to customary Conditions Precedent (CPs) including approvals from relevant Indonesian government authorities.
Country news
-
-
April 22, 2016
Atlantic Resources signs MOU for Indonesian tidal power project
Atlantis has announced that it has entered into a Memorandum of Understanding (MOU) with SBS, a privately owned international marine, subsea and renewable energy developer which has been studying the potential of ocean energy resources for tidal-stream devices around the Indonesian archipelago. Read more -
April 14, 2016
Tata Power’s subsidiary signs agreement for sale of its 50% stake in Indonesian geothermal project
Tata Power International (TPIPL), a Singapore company & wholly owned subsidiary of Tata Power has signed an agreement with KS Orka Renewables for the sale of its 50% stake in OTP Geothermal (OTP). Read more -
April 12, 2016
Bidders line-up for Chevron geothermal assets
French power and gas group Engie and Japan's Marubeni have plans to bid for the Chevron Corp's Asian geothermal energy blocks located in Indonesia and Philippines. Read more -
April 04, 2016
Ratchaburi Electricity and Medco Power to bid for Indonesian power project
Ratchaburi Electricity Generating Holding, a value-oriented integrated energy company in Asia-Pacific, alongside the Indonesian firm Medco Power, a subsidiary of Medco Energi Internasional, are planning to build a US$350 million gas-fired power plant in Indonesia. Read more -
March 21, 2016
OPIC finances renewable projects in Asia
The Board of Directors of the Overseas Private Investment Corporation (OPIC), the US Government’s development finance institution, has recently approved OPIC support for two new private sector-led development projects totaling about US$470 million. Read more
