Panax Geothermal confident to see progress on its PPAs in Indonesia

Wayang Windu geothermal power complex, Indonesia (source: flickr/ Andri Suprihadi, creative commons)
Alexander Richter 20 Dec 2012

Panax Geothermal reports it remains confident in progress of the process to get PPAs for its projects in Indonesia and announces ongoing discussions with interested financiers with pending update in early 2013.

Panax Geothermal (ASX: PAX) remains confident that the Power Purchase Agreements for its Indonesian geothermal projects are progressing through the execution process within the Indonesian Government.

In a press piece today, Australian geothermal developer Panax Geothermal reported that the company remains confident in being able to secure Power Purchase Agreements for its projects in Indonesia.

The PPAs are currently progressing through the execution process within the government of Indonesia.

Panax says it sees “no impediments or issues relating to the execution of the agreements” and that it follows up on the progress on a daily basis to ensure that it is completed as soon as possible.”

Discussions with interested financiers – predominantly Asian, and a well known Asia-based equity fund in particular – is also progressing, with Panax expecting to make an announcement early in 2013.

Panax also expects to receive a A$300,000 (US$322,000) research and development tax rebate in January 2013.”

Source: Proactive Investors