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Greenearth Energy signs MOU with Turkish firm for Java development

Wayang Windu Unit II, West Java, Indonesia (source: Aecom)
Alexander Richter 10 Jul 2010

Australian Greenearth Energy announces the signing of an MOU of its PT Geo Power Indonesia JV with Turkish Cengiz Holding for the development of a geothermal project in Java, Indonesia.

Australian geothermal developer Greenearth Energy (ASX:GER) holds 40% in Indonesian development firm PT Geo Power Indonesia via a wholly owned subsidiary Greenearth Power Pty Ltd. “PT Geo Power now has signed a non binding Memorandum of Understanding (MoU) with the Cengiz Holding of Turkey to develop a Java based site in Indonesia for the production of geothermal power”, so a recent release.

“The Turkish based Cengiz Holding’s operates successfully in numerous fields of business including Construction, Energy, Mining and Tourism. Within the Energy sector, Cengiz Holding has a successful track record in building and operating coal, natural gas and hydroelectric power generation infrastructure.

Greenearth Energy along with fellow PT. Geo Power Indonesia partners, Jakarta based Santini Group and North American based International Investment Resources LLC looks forward to working with Cengiz Holding. Over the next 90 days, Cengiz Holding will complete due diligence before moving to a formal agreement.

“Greenearth Energy believes this dynamic group collective have the skills, experience and track record to successfully deliver Geothermal Power development in Indonesia. The group’s Java based site in Indonesia has the potential to deliver several hundred megawatts (MW) of base load, zero emissions Geothermal Power,” Greenearth told ASX this morning.”

Source: The Indonesian today