Raya seeks partner to develop Sokoria geothermal project

By Romel S. Gurky

ASX-listed Raya Group Ltd said on Tuesday it is still in the process of seeking a strategic partner to help finance and develop the 30 MW Sokoria geothermal power project on Flores Island, Indonesia.

Raya said in a statement that Sokoria geothermal project is a joint venture between Raya and its Indonesian partner PT Bakrie Power, a unit of the diversified Bakrie Group.

?Raya's position in Indonesia is to seek a strategic partner to assist with funding and development of the Sokoria geothermal project,? Raya said.

Raya owns 45 percent of PT Sokoria Geothermal Indonesia (SGI), which owns the project.

In March of this year, a heads of agreement with Australia?s Space Con Pty Ltd to acquire 85 percent shares in SGI was terminated after Space Con among others failed to remit US$250,000 deposit.

Editing by Reiner Simanjuntak