Kaishan acquires 100% stake at Sorik Marapi Geothermal Power, Indonesia
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The Kaishan Group through KS Orka has acquired 100% ownership of PT Sorik Marapi Geothermal Power, purchasing the shares previously held by PT Supraco.
Kaishan Co. Ltd. has acquired 100% ownership of PT Sorik Marapi Geothermal Power (SMGP) after the shares held by PT Supraco Indonesia (Supraco) were purchased by Kaishan’s wholly-owned subsidiary, KS Orka Renewables Pte. Ltd. SMGP operates the Sorik Marapi geothermal power plant in South Sumatra, Indonesia with a total installed capacity of 200 MWe.
Under the previous ownership structure, 95% of the shares of SMGP was held by OTP Geothermal Pte. Ltd (OTP), which was acquired by KS Orka Renewables Pte. Ltd. in 2016. Supraco held the remaining 5% of the SMGP shares. The shares of Supraco were acquired by KS Orka for a total of USD 3 million in cash.
After the transaction is completed, OTP will hold 98.57% of SMGP shares and KS Orka will hold 1.43%. Supraco executives will no longer serve as directors or supervisors of SMGP.
Before the end of 2024, SMGP announced the start of commercial operations of Unit 5 of the Sorik Marapi geothermal power plant, with a capacity of 33 MWe. KS Orka has also ventured into foreign markets, acquiring a geothermal exploration license in the region of Tura in Hungary.
Source: 163.com and EastMoney Securities
