Greenearth, Cengiz sign MoU on geothermal project

PT Geo Power Indonesia, which is 40 percent owned by Greenearth Power Pty Ltd, a wholly owned subsidiary of Australia-listed Greenearth Energy, has signed a non binding memorandum of understanding (MoU) with Cengiz Holding of Turkey to develop geothermal power in Java

"Over the next 90 days, Cengiz Holding will complete due diligence before moving to a formal agreement," Greenearth said in a statement on Monday.

Cengiz, which has business in numerous sectors including construction, energy, mining and tourism, has has a successful track record of building and operating coal, natural gas and hydroelectric power generation infrastructure, according to Greenearth.

"Greenearth along with partners Jakarta-based Santini Group and North American based International Investment Resources LLC looks forward to working with Cengiz Holding," it said.

The group?s concession in Java has the potential to generate several hundred megawatts (MW) of geothermal power, it added. (kanti)