News

Panax Geothermal changes name to Raya Group Limited

Panax Geothermal changes name to Raya Group Limited Panax Geothermal's project locations in Indonesia (source: Panax' corporate video)
Alexander Richter 8 Apr 2013

Australian geothermal development company announces a name change to Raya Group Limited and reports investment interest by two Asian investor groups.

Australian geothermal developer reports it will change its name to Raya Group Limited, which was approved by an extraordinary general meeting last week. The name change to Raya highlights a focus on Indonesia for the company, as “Indonesia Raya” is the national anthem of the country.

The company also reports it has been approached by two Asian groups that look into the possibility of an investment in the company.

“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 of Panax, 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.

Panax, through the partnership of Bakrie Group, operates a number of Indonesian geothermal projects on its portfolio.”

Source: Indonesia Today