Tata Power to invest $125 million into Indonesian JV with Origin and Supraco
Indian Tata Power expects to provide equity investment of about US$125 million to the Sorik Marapi geothermal power project in Northern Sumatra/ Indonesia, a joint venture with Australian Origin Energy and PT Supraco Indonesia.
Indian news report today, that the country’s “leading private power producer Tata Power expects to pump an equity investment of about $ 125 million in a joint venture to develop the 240 MW geothermal project in Indonesia.
The company along with its consortium partners Australia’s Origin Energy and PT Supraco Indonesia is developing the Sorik Marapi geothermal project in Northern Sumatra, Indonesia.
“For the geothermal (project), the total cost is estimated to be about $ 850 million, out of which 30 per cent is equity,” Tata Power Managing Director Anil Sardana told PTI.
“So, it will about $ 240 million and out of that 50 per cent will be from our side, the remaining 50 per cent from Origeon … So, it will be about $ 125 million (from Tata Power),” he said.
The project’s expected Commercial Operation Date (COD) is June 2015. It would be developed by PT Sorik Marapi Geothermal Power, a Special Purpose Vehicle of the consortium. In this, Tata Power and Origin Energy has 47.50 per cent stake each and the rest is with PT Supraco Indonesia.
The Indonesian geothermal initiative is part of Tata Power’s renewable energy portfolio that includes various hydro, solar and wind projects.
Tata Power intends to have 20-25 per cent contribution in energy generated at all times from clean power sources that includes wind, solar, hydro and geothermal.”
Source: The Economic Times