Sumitomo to raise stake in 80 MW Muara Laboh geothermal project in West Sumatra

Sumitomo Corporation has entered into an agreement to acquire 15% of equity stake in the Muara Laboh Geothermal Power Project held by ENGIE. In accordance with this agreement, Sumitomo Corporation’s equity stake in the project company will be 50%. This transaction is expected to close within 2022 subject to the completions of terms and conditions of the agreement. 

Engie will no longer own shares in the project after the sale is completed. INPEX is scheduled to directly acquire the remaining 20% interest from Engie, with Sumitomo taking the remaining 15%.