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Tata Power-Origin Energy-Supraco Consortium Wins Geothermal Bid In Indonesia

(RTTNews) - Tata Power Company Ltd. said its consortium comprising the company, Origin Energy Ltd. and PT Supraco Indonesia bagged Sorik Marapi geothermal project in Northern Sumatra, Indonesia.

The Sorik Marapi project is estimated to support the development of around 240 MW of geothermal generation capacity. The project will be developed by PT Sorik Marapi Geothermal Power, a Special Purpose Vehicle formed by the Consortium.

The consortium would undertake a detailed exploration programme over the next 18 months. The expected commercial operation date for the project is June 2015.

Indonesia is situated on the Pacific 'Ring of Fire' and is expected to have around 27,000 MW of potential conventional geothermal resources (considered the largest in the world). At present, Indonesia has 1,196 MW in geothermal generation in operation.

Tata Power's Managing Director Prasad R. Menon said, "Tata Power is happy that its efforts to explore new avenues in the renewable space is moving on a steady path and in the right direction. Tata Power has a strong mission to achieve at least 25% of its generation portfolio through renewable sources of energy by 2017, geothermal energy being one of the prime renewable growth engines."

Origni's Executive Director, Finance and Strategy Ms. Karen Moses said, "The joint venture is consistent with Origin's strategy of pursuing exploration opportunities for energy resources near growing markets. This joint venture is reflective of our belief that geothermal can provide large scale renewable base load energy."

At the BSE, Tata Power shares are now trading at Rs.1,261.05, up by 1.86% from the previous close.