Raya, Bakrie Ink Deal to Sell Majority Stake in Indonesian Geothermal Plant

Australia’s Raya Group Ltd, formerly known as Panax geothermal, and its joint venture partner Bakrie Power have signed a preliminary agreement to sell a majority stake in their Sokoria geothermal project in Indonesia to Space Con.

The project is still in development phase. Under the deal, once due diligence is completed, a final agreement will be signed, in which Space Con will buy 85% of the project for about US$3 million.

The 30-megawatt Sokoria project will sell its power to Indonesian state-owned utility Perusahaan Listrik Negara for US$125 per megawatt hour plus carbon credits.

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