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Itochu, Kyushu Elec. Indonesia Venture to Sell Geothermal Power

A venture formed by Kyushu Electric Power Co., Itochu Corp., PT Medco Power Indonesia, and Ormat Technologies Inc. signed a 30-year contract to sell geothermal power to PT Perusahaan Listrik Negara of Indonesia.

The venture will build a 330-megawatt geothermal power station in Sarulla on the island of Sumatra, Kyushu Electric said in a statement today.

Kyushu Electric and Itochu Corp. hold a 25 percent stake each in the venture, according to the statement. PT Medco Power Indonesia has 37.25 percent and Ormat Technologies, an American developer of geothermal plants, holds 12.75 percent.

Construction will start in 2014, according to the utility.

No financial terms were disclosed in the statement. The Nikkei newspaper reported earlier today that the project is worth more than 100 billion yen ($1.1 billion).

The venture may seek project financing from Japan Bank for International Cooperation and Asian Development Bank, according to the statement.

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