Ormat Technologies Says Sarulla Signs Contracts In Indonesian Power Project

Geothermal company Ormat Technologies, Inc. ( ORA ) announced Thursday that Sarulla Operations Ltd. has signed a Joint Operating Contract or JOC and Energy Sales Contract or ESC for the 330 MW Sarulla geothermal power project in Tapanuli Utara, North Sumatra in Indonesia.

Under the JOC, PT Pertamina Geothermal Energy, the concession holder for the project, has provided Sarulla Operations with the rights to use the geothermal field and under the ESC PT PLN, the state electric utility will be the off-taker at Sarulla for 30 years.

Ormat, through its subsidiary Ormat International, Inc., holds a 12.75% equity stake in Sarulla Operations, which owns and operates the Sarulla project. Other members of the consortium that owns Sarulla Operations include Medco Energi Internasional Tbk, Itochu Corp., and Kyushu Electric Power Co. Inc.

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Posted April 4, 2013 by repit in News

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