Japanese INPEX Corp. joins Muara Laboh geothermal project, Indonesia
Through an acquisition of a one-third share in PT Supreme Energy Sumatera, Japanese INPEX buys into the 85 MW Muara Laboh geothermal power project in West Sumatra, Indonesia.
In a release today, Japanese INPEX Corp. announcedit has joined the Muara Laboh Geothermal Power Project through INPEX GEOTHERMAL, LTD.
The Project is based in the Muara Laboh Geothermal Block in the Solok Selatan region in Indonesia’s West Sumatra province, and is operated jointly by major European integrated energy company ENGIE, Sumitomo Corporation and PT Supreme Energy, a private Indonesian geothermal power generation business developer.
INPEX has joined the Project by acquiring 33.333 percent of the shares of PT Supreme Energy Sumatera through INPEX GEOTHERMAL, LTD.
PT Supreme Energy Sumatera is a subsidiary of PT Supreme Energy and holds a 30 percent share of the Project. The Muara Laboh Geothermal Power Plant is currently in commercial operation with a rated output of approximately 85 MW and produces a volume of electricity equivalent to what is consumed annually by approximately 420,000 households in Sumatra, Indonesia.
Electricity generated by the plant using geothermal resources is planned to be marketed to Indonesian national power company PT PLN (Persero) over a 30-year period from the start of commercial operations in December 2019.
INPEX seeks to enhance and emphasize renewable energy initiatives, which is one of the business pillars outlined in the company’s “Business Development Strategy – Towards a Net Zero Carbon Society by 2050” announced in January 2021.
INPEX will accelerate its initiatives aimed at its geothermal power generation business, which can utilize the technologies cultivated by the company through oil and natural gas development.
INPEX will proactively engage in energy structure reforms towards the realization of a net zero carbon society while fulfilling its responsibilities for the stable development and supply of energy. The impact on INPEX’s consolidated financial results for the current fiscal year is expected to be minimal.
Source: Company release