Wika, partners to spend $100m to develop W. Java geothermal project
Wednesday, November 26 2008 - 02:27 AM WIB
IDX-listed state contractor PT.Wijaya Karya Tbk and partners will spend US$100 million to develop Tampomas geothermal power plant project in West Java.
Operations Director Slamet Maryono said on Tuesday that Wika and partners will finance the project with 30 percent equity with the balance would be financed from external sources.
Wika and partners RMI Group, PT. Jasa Sarana and local government-owned firm was awarded the Tampomas concession in August 2008. Wika has 55 percent stake in the project.
The plant would be built based on IPP system, in which all electricity generated would be sold to state electricity firm PLN.
Maryono said the plant would be able to produce 50 MW of electricity and would become onstream in 2013.(bernard/denny)