Japanese investor to participate in the buy back of Patuha power
Tuesday, March 14 2000 - 04:30 AM WIB
Local businessman Fadel Muhammad said on Monday that he's negotiating with a Japanese investor for his Gema Group's plans to buy back the Patuha power plant from Patuha Power BV.
Patuha Power BV is currently controlled by CalEnergy/MidAmerican Holdings of the U.S. (88 percent) and local partner Mahaka Group (12 percent).
The 2x110 MW geothermal Patuha power facility is located in West Java in the Mount Patuha area.
Fadel declined to disclose further details of the planned transaction.
Patuha Power is one of the 27 independent power producers (IPPs), which had signed power supply with the state electricity firm PLN. But PLN is currently seeking to renegotiate the earlier contracts with the IPPs particularly to seek for a lower purchasing price. (*)