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Iceland Co to invest US$2 BLN in Indonesian Geothermal project

Oct 24, 2007 - AsiaPulse

Jakarta - Reykjavik Energy Invest (REI) will team up with Indonesian state oil and gas company PT Pertamina to build a 500-megawatt geothermal power plant with an investment of US$2 billion in Indonesia.

The 500-MW plant will be part of the first phase of a longer term investment plan by REI in Indonesia, its chief executive office Gudmundur Throddsson said.

Iceland Industry and Energy Minister Ossur Skarpheoinsson said his country could build several geothermal power plants with total capacity of up to thousands of MW in the country.

REI is financially powerful and it is interested in cooperating with Indonesian companies to build more geothermal power plants, he said.

Pertamina President Ari H. Soemarno said REI is expected to start construction of its first geothermal power project in the country in the next several months.

Pertamina has a geothermal concession area with a power generating potential of up to 9,000 MW and until now operating plants only have a total capacity of 240 MW.