Raya Group signs power purchase deal for geothermal project in Indonesia

Raya Group (ASX:RYG) has reached a key milestone with the signing of its first power purchase agreement (PPA) for its Sokoria Gothermal Project on Flores Island, Indonesia.

Sokoria is a joint venture project with local partner PT Bakrie Power for a 30 megawatt (MW) geothermal power development.

The PPA was reached between the PT Sokoria Geothermal Indonesia (SGI) and government-owned utility PT PLN.

Official sign-off is expected within the next 7‐10 days. This will be accompanied by specific financial information and forecast revenues.

Raya had previously noted that the joint venture had agreed to terms for the offtake of 30MW of power at an offtake price of about US$140 per MW hour.

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Posted October 3, 2014 by repit in Uncategorized

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