KS ORKA Renewables Private Limited has signed a share purchase agreement to completely acquire Inter Investment Private Limited, subject to fulfilment of the conditions precedents. The acquisition is worth USD60 million. KS Okra will also acquire Inter Investment’s portfolio of seven geothermal projects in Indonesia.
The portfolio has a combined capacity of 990 MW and comprises geothermal greenfield high temperature and binary systems. The projects are covered under preliminary survey and exploration licences, geothermal development license (IPB) and licences under application. The renewable energy (RE) projects are also a part of Government of Indonesia’s National Electricity Supply Business Plan 2021-2030 (RUPTL).
After the closing, KS Orka will also be required to replace the current standby letter of credits, which is valued at USD2.5 million.