Raya negotiating with PLN on transmission tariff of Sokoria geothermal power
Thursday, April 30 2015 - 09:37 AM WIB
ASX-listed Raya Group Ltd announced on Thursday it is still waiting for approval from state owned electricity firm PT Perusahaan Listrik Negara (PLN) for its proposal on the transmission line tariff of power from the Sokoria geothermal power plant project, Flores Island.
The proposal was submitted to PLN at the end of January and discussions and negotiations between the firm and PLN on the proposal are underway, the firm said.
On March 20, 2015, the firm announced that the Heads of Agreement (HoA) between Raya Group, PT Bakrie Power and Australian firm Space Con Pty Ltd for the sale and purchase of 85% shareholding in PT Sokoria Geothermal Indonesia (SGI) was terminated. The agreement ended following Space Con?s failure to remit US$$250,000 deposit and provide requested materials needed to support change of shareholders with the Indonesian authorities.
Raya and Bakrie have now commenced discussions with other parties who have expressed recent interest in the Sokoria project.
Discussion regarding financial involvement in the Sokoria project with various EPC and Funding Groups continues. Raya and its JV partner Bakrie Power will continue to work with suitable parties who can provide the certainty and commitments needed to make this project successful, the firm said.
Meanwhile, all other in-country works have been put on hold, the firm added.
Editing by Johannes Simbolon