Panax sees further investment ahead
Wednesday, March 28 2012 - 04:01 AM WIB
Australia-listed firm Panax Geothermal Limited said that the improving investment confidence in the country, as reflected in the recent upgrades to Indonesia?s credit rating, reinforced its decision to invest in Indonesian geothermal power generation.
Two major ratings agencies ? Moody?s and Fitch - have recently restored Indonesia?s debt to investment grade for the first time since the 1997 Asian financial crisis
Panax Managing Director Kerry Parker said Panax had long recognized the investment potential of the country, having launched several projects in Indonesia and with plans for further investment.
?We expect to bring three zero emission geothermal generation projects in Indonesia into production over the coming years,? Parker said in a statement.
Panax has established an agreement with PT Bakrie Power to work co-operatively on near-term geothermal development and production projects here.
Panax?s portfolio has the capacity to produce more than 300 megawatts of clean electricity generation, with approximately 165 megawatts net to Panax. Each of Panax?s Indonesian projects, Sokoria, Ngebel and Dairi Prima, are underpinned by agreed, commercially attractive power tariffs under power offtake agreements.
Editing by Dadan Wijaksana