Tata Power today said its Singapore-based arm TPIPL has signed an agreement with KS Orka Renewables Pte for sale of its 50 per cent stake in OTP Geothermal Pte (OTP) for $30 million.
“OTP, a 50:50 joint venture with Origin Energy Ltd, holds a 95 per cent interest in Indonesia’s PT Sorik Marapi Geothermal Power (SMGP),” Tata Power said in a press release.
According to the statement, SMGP is currently pursuing development of 240 MW project in North Sumatra. The transition is expected to benefit the project development. Tata Power has significant investments in Indonesia and remains committed to developing Indonesian power and energy sector.