KS Orka acquires seven geothermal projects owned by Inter Investment in Indonesia

KS ORKA Renewables Private Limited has signed a share purchase agreement to acquire 100 per cent of the shares of Inter Investment Private Limited, subject to fulfilment of the conditions precedents.

The acquisition is worth USD60 million. Inter Investment holds a portfolio of seven geothermal projects in Indonesia. The portfolio has a combined capacity of 990 MW and comprises geothermal greenfield high temperature and binary systems. Currently Inter Investment owns 4 preliminary survey and exploration licenses, 1 geothermal development license and 2 preliminary survey and exploration licenses are under application. The renewable energy projects are also a part of Government of Indonesia’s National Electricity Supply Business Plan 2021-2030 (RUPTL). After the closing, KS Orka will also be required to replace the current standby letter of credits, which is valued at USD2.5 million.