Mumbai, Sep 2 (Calcutta Tube) Tata Power Thursday said a consortium it belongs to has won a bid for a 240 MW geothermal power project in Indonesia.
The consortium, in which Tata Power holds a 47.5 percent stake, will undertake a detailed exploration of the Sorik Marapi geothermal project in northern Sumatra, the company said in a regulatory filing to the Bombay Stock Exchange.
‘The expected commercial operation date for the project is June 2015,’ said the company.
Australian energy major Orgin Energy is the other major stakeholder in the venture, having a 47.5 percent holding. Indonesian oil and gas company PT Supraco has a 5 percent stake.
The project will be developed by PT Sorik Marapi Geothermal Power, a special purpose vehicle formed by the consortium.
‘Tata Power wants to achieve at least 25 percent of its generation portfolio through renewable sources of energy by 2017, geothermal energy being one of the prime renweable growth engines,’ said Prasad R. Menon, managing director, Tata Power.
The Tata Power scrip touched an intra-day high on the Bombay Stock Exchange at Rs.1,269, up 2.5 percent from its previous close.
Indonesia is situated on the Pacific ‘Ring of Fire’ and is said to have about 27,000 MW of potential geothermal resources, considered largest in the world. It currently has about 1,196 MW of geothermal generation capacity.