|
|
|
|
|
TOKYO, Oct 17, 2012 - (ACN Newswire) - Aiming to expand its business in the renewable energy sector, Mitsubishi Corporation ("MC") has agreed to acquire 20% shares of Star Energy Geothermal Pte Ltd. ("SEGPL"). SEGPL is a holding company that manages operation of the Wayang Windu Geothermal Power Project Plant ("Wayang Windu"), a geothermal power plant stably operating since June, 2000 in Java Island of Indonesia.
Wayang Windu, which owns approximately 13,000 hectares of contract area, is known as one of the world's largest geothermal resources with a potential gross capacity of 420MW. Located in the midst of a vast expanse of a tea plantation, it is also known to be one of the world's most environmentally friendly and beautiful geothermal plants.
This acquisition marks MC's first entry into the Indonesian power industry and its first operation of a geothermal power plant. Through SEGPL, MC is aiming to develop and operate multiple geothermal power plants in Indonesia, including the expansion of Wayang Windu.
Driven by domestic demand, Indonesia has maintained a high rate of economic growth, and Java Island, where Indonesia's population and industry is concentrated, is expected to see a 7 to 8 percent annual growth in demand for electricity in the coming years. Accordingly, Indonesia has declared the development of new sources of power as a national priority, and is aiming to make use of its estimated 29,000 MW of world class geothermal reserves. The country plans to focus on developing geothermal power which is notable for its high operating rate compared to other sources of renewable energy as well as for its environmental friendliness. According to this plan, new geothermal power plants with a total capacity of around 6,000 MW will be developed by 2020.
Within this context, MC intends to take full advantage of the experience it has accumulated in the power generating sector to date, and the know-how it expects to acquire through operating Wayang Windu, in an effort to contribute to the realization of Indonesia's aforementioned development plan. MC also hopes to become further involved in geothermal power generation in countries that possess promising geothermal resources, including Japan..
MC has designated "Infrastructure and Global Environment Business" as a strategic domain in its Midterm Corporate Strategy 2012, and is actively seeking to expand its power generation and transmission business, particularly as it relates to renewable energy, as well as to environment, water and infrastructure businesses. More particularly with regard to the power generation business, MC plans to expand its equity-based capacity from the existing 4,300 MW to 6,000 MW and to achieve a rate of 10 to 20% of that capacity emanating from renewable sources such as geothermal, wind and photovoltaic power generation.
About Wayang Windu Power Plant
Location: Bandung, West Java, Java Island, Indonesia
Capacity: 230 MW in operation. (Phase 1 (110 MW) commenced operation in June, 2000, Phase 2 (120 MW) in March, 2009.) Construction of Phase 3 and Phase 4 is expected (gross capacity of 190 MW).
Off-taker: PT PLN (Persero)
Notes: The Phase 2 Project was registered as a Clean Development Mechanism Project in December, 2010.
About Star Energy Geothermal Pte Ltd.
Location: Singapore
Foundation: December, 2005
Capital: US$ 213 Million
Representative: Mr. Rudy Suparman, Director
Contact:
Mitsubishi Corporation
Telephone: +81-3-3210-2171
Facsimile: +81-3-5252-7705
Topic: Investment
Source: Mitsubishi Corporation
Sectors: Alternative Energy
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
|
|
|
|
| Mitsubishi Corporation |
| Nov 15, 2024 11:32 HKT/SGT |
|
Resorttrust Group and Mitsubishi Corporation Launch Joint Study in Medical Tourism |
| Nov 6, 2024 10:51 HKT/SGT |
|
Yoshimoto Kogyo and Mitsubishi Corporation have signed a business partnership agreement for co-creation of business using "laughter" |
| Oct 23, 2024 17:15 HKT/SGT |
|
Joint Study by Idemitsu Kosan and Mitsubishi Corporation on Low-Carbon Ammonia |
| Oct 18, 2024 22:05 HKT/SGT |
|
Mitsubishi Corporation (MC) to invest in Ayala joint venture with stake in Mynt |
| Oct 10, 2024 17:19 HKT/SGT |
|
Launch of Japan's First EV Smart-charging Service Using Connected Technologies |
| Sept 30, 2024 10:38 HKT/SGT |
|
Mitsubishi Corporation: JOGMEC Commissioned Feasibility Study for Overseas CCS Value Chain |
| Sept 27, 2024 12:39 HKT/SGT |
|
Mitsubishi Corporation Strengthens the Partnership with PETRONAS, Reinforcing Confidence in LNG Operations in the Region |
| Sept 20, 2024 17:02 HKT/SGT |
|
Mitsubishi Corporation, KDDI CORPORATION, Lawson, Inc. Launching an Initiative to Transform into "Next-generation Convenience Store" |
| Sept 18, 2024 17:02 HKT/SGT |
|
Approval in Principle (AiP) Acquired from Two Classification Societies for Low-Pressure Type Liquefied CO2 Carriers undergoing Pursuit of Standardization toward Realization of Large-Scale International Transportation from 2028 onwards |
| Sept 13, 2024 19:07 HKT/SGT |
|
Mitsubishi Corporation and ExxonMobil sign Project Framework Agreement to advance world's largest low-carbon hydrogen project |
| More news >> |
 |
|
|
|
