Ranyza Energy seeks partners to develop coal, power projects

Ranyza Energy Group is studying several options, including partnership with a new company, to fund its coal, power project, the company?s senior officer said.

In a statement sent to Petromindo.Com last week, the company said it is looking for a new partner or investors through direct or indirect investment, chairman and CEO Hariara Tambunan said.

Currently, Ranyza has several energy projects, including coal mining in East Kalimantan and a 2 x 315 MW coal-fired power plant under independent power producer (IPP) scheme in Kuala Tanjung, North Sumatra, he said.

The coal-fired power plant project is estimated to need around US$450 million in investment. It has secured a 20-year electricity supply contract with state electricity firm PT Perusahaan Listrik Negara (PLN).

He also said that the company has secured 16 hectares of land and permit to build the power plant and a jetty port.

The company expects to get a commitment from the potential investors in the fourth quarter of this year or early next year.

The company did not give further information about its coal project in East Kalimantan. (godang)