Power Purchase Agreements Signed for Two 220MW Geothermal Projects in Indonesia
2 March 2012 - GDF SUEZ and International Power (70% owned by GDF SUEZ) announce that IPR-GDF SUEZ Asia, together with project partners PT Supreme Energy and Sumitomo Corporation, has signed 30-year Power Purchase Agreements (PPAs) for two 220MW geothermal projects with PLN, the state-owned utility of Indonesia. The Ministry of Finance of the Republic of Indonesia has issued a Government Guarantee Letter for the two projects, covering the obligations of PLN under the PPA.
The two projects, called Muara Laboh and Rajabasa, are planned to be built on Sumatra island to deliver power to the region which continues to experience high demand growth. Both projects are included in the Indonesian Government’s second fast-track programme, of which around 4,500MW should come from geothermal sources. Signing of the PPAs is a necessary pre-condition to commencing exploratory drilling for geothermal resource. Following confirmation of the resource, project financing and EPC (Engineering, Procurement and Construction) arrangements will be negotiated. Subject to the timing of these, both projects are expected to start operation in 2016. IPR-GDF SUEZ Asia has a 35% interest in the projects.
Notes to Editors
IPR-GDF SUEZ Asia is one of the leading independent power producers in Indonesia with 1,280MW (gross) of operating assets and 815MW (gross) of additional capacity under construction. Last year it entered into a joint venture agreement with Marubeni Corporation and PT Supreme Energy for the development of another 220MW Rantau Dedap geothermal project in the South Sumatra Province.
About International Power
International Power plc is a leading independent electricity generating company with 75,579MW gross (43,288MW net) in operation and a significant programme of 12,820MW gross (5,868MW net) projects under construction as at 31 December 2011. International Power is present in 30 countries across six regions worldwide. Together with power generation, the Group is also active in closely linked businesses including downstream LNG, gas distribution, desalination and retail. International Power is listed on the London Stock Exchange with ticker symbol IPR. GDF SUEZ holds a 70% interest in International Power plc. Company website: www.iprplc-gdfsuez.com
About GDF SUEZ
GDF SUEZ develops its businesses around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, combating climate change and optimizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: liquefied natural gas, energy efficiency services, independent power production and environmental services. GDF SUEZ employs 218,900 people worldwide and achieved revenues of €90.7 billion in 2011. The Group is listed on the Brussels, Luxembourg and Paris stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Stoxx 50, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, ASPI Eurozone and ECPI Ethical Index EMU.
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