Turkish Hitay Investment Holdings plans $3bn investment in Indonesia

Mount Batok, East Java, Indonesia (source: flickr/ taveshala, creative commons)
Alexander Richter 21 Feb 2012

Turkish Hitay Investment Holdings plans investments of up to $3 billion for geothermal power development in the four provinces, South Sumatra, Jambi, East JAva and Bengkulu in Indonesia, so the Indonesian Investment Coordinating Board.

Reported this morning from Indonesia, “Turkey-based Hitay Investment Holdings plans to invest US$3 billion for geothermal power plant in four provinces in Indonesia.

Tamba P. Hutapea, Deputy, Indonesia Investment Coordinating Board, revealed the holding company may starts exploration phase in South Sumatra, Jambi, East Java and Bengkulu.

“The company will invest US$3 billion in four locations,” he told in Jakarta, today. According to Hitay Investment’s website, the company is Turkey’s leading conglomerate focusing on corporate venture capital since 1988. The group is founded by Emin Hitay, a prominent entrepreneur and investor known with his startups in Turkey

Tamba explained, Hitay Investment has been studying the investment possibility since last year and it’s now in survey stage before exploration

As soon as it received a green light form Ministry of Energy and Mineral Resources, the company will conduct mapping of the potential locations more detail. Later on, Hitay Investment will continue into bidding process.

“After bidding, they will carry out detail research. All of the process needs about 3 years.”

In addition, he said, the maximum exploration capacity 200 megawatt in every location, so the total capacity for geothermal development will reach 800 MW.

“The maximum capacity is about 200 MW, perhaps same with the exiting geothermal in West Java,” he added”