Raser (RZ) Sole-Source Contractor For Indonesian Geothermal Study Project

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09:12:05 am on March 29, 2010

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Raser just announced that it has been chosen as the sole-source contractor for an Indonesian geothermal feasibility study by Indonesia Power (IP). Indonesia Power was awarded a grant of $934,308 by the United States Trade and Development Agency for the study, which will examine the feasibility of developing geothermal power in the Tangkuban Perahu geothermal concession.

The grant covers about 70% of the cost of the study; Raser will throw in $400,000 of its own.  IP and Raser have a consortium agreement that goes back to 2007 to develop geothermal power in Indonesia together. The Tangkuban Perahu geothermal concession was awarded to them in 2008. For future projects, the two companies have a 50/50 development arrangement. 

In a press release, Nick Goodman, Raser Chief Executive Officer, commented on the news:

“We’re excited to be a part of the USTDA’s U.S.-Indonesia Geothermal Development Initiative. We look forward to beginning the study and supporting IP’s commitment to expanding Indonesia’s renewable energy footprint through geothermal resource development.”

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