KS Orka Renewables Pte Ltd of Singapore (KS ORKA) has signed an agreement to acquire 95% of PT Sokoria Geothermal Indonesia (SGI) from PT Bakrie Power and Xped Ltd. SGI holds the development rights to Indonesia’s Sokoria Geothermal Power Project (SGPP), a 30MW geothermal power project located in Flores Island, East Nusa Tenggara, Indonesia.
KS ORKA intends to accelerate development of the Sokoria Project. The first geothermal power unit is expected to come online in December 2018. Commissioning of the Project will coincide with the planned completion of the integration of the Flores power grid by the national state power company, PT Perusahaan Listrik Negara (PLN).
KS ORKA, is a joint venture between Hugar Orka ehf, an Icelandic company and Zhejiang Kaishan Compressor Co., Ltd (Kaishan), which is listed on the Shenzhen stock exchange. KS Orka combines the Icelandic geothermal and project development expertise with Kaishan’s power plant technology and manufacturing expertise to form Asia’s only vertically integrated geothermal and waste energy company.