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Kyushu Electric Power Company has signed a Stock Purchase Agreement with Medco Energi Internasional Tbk, an Indonesia's largest private energy company and acquired the participating interest in Sarulla Geothermal Power Project, which Kyushu Electric Power has been discussing the investment in.
This project is owned and developed by a consortium consisting of Medco Energi Internasional Tbk, ITOCHU Corporation, Ormat International, Inc., a generator manufacturer (hereinafter called Medco Consortium) as a geothermal IPP (Independent Power Producer) project.
Kyushu Electric Power will examine the project's details including the construction and operation plan of the power plants to determine the possibility of full-scale participation in advance of a conclusion of a financing agreement planned in 2008.
[Outline of the Project]
| *Location: |
Sarulla region, North Sumatra, Republic of Indonesia |
| *Power Generation Capacity: |
approx. 300MW |
| *Business: |
Medco Consortium to construct, operate power plants, and
sell the generated electricity to PLN, Indonesia's state-owned electric utility company. |
[Outline of the Agreement]
| *Description of the Agreement: |
Kyushu Electric Power will purchase the 25% participating
interest in the Project from Medco Energi Internasional Tbk. |
| *Date of Conclusion: |
October 8, 2007 |
| *Representatives: |
-Kyushu Electric Power Company
Director/Senior Managing Executive Officer Masayoshi Nuki
-Medco Energi Internasional Tbk.
CEO/President Director Hilmi. Panigoro |
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