Inpex Acquires Additional Shares in Muara Laboh Geothermal Power Project in Indonesia

Source Press Release
Company Inpex CorporationENGIE 
Tags Corporate Deals, Deals, Geothermal, Power
Date April 28, 2022

INPEX CORPORATION (INPEX) announced today it has acquired additional shares in the Muara Laboh Geothermal Power Project (the Project) through INPEX GEOTHERMAL, LTD. to accelerate the implementation of its geothermal power generation business in Indonesia. INPEX’s acquisition of the additional shares increases its share in the Project from 10 percent to 30 percent.

INPEX acquired the additional shares through a contract with ENGIE Global Development B.V (EGDBV) to acquire 20 percent of the shares of PT Supreme Energy Muara Laboh (SEML) from EGDBV. SEML is the owner of the Project’s geothermal block and geothermal business license. EGDBV is an affiliate of  ENGIE S.A. (ENGIE), a major European integrated energy company. INPEX joined the Project by acquiring 33.333 percent of the shares of PT Supreme Energy Sumatera, which holds 30 percent of the shares of SEML, as announced on December 16, 2021.

The Project is based in the Muara Laboh Geothermal Block in the Solok Selatan regioninIndonesia’s West Sumatra province, and is operated jointly by ENGIESumitomo Corporation and PT Supreme Energy, a private Indonesian geothermal power generation business developer.

The Muara Laboh Geothermal Power Plant is currently in commercial operation with a rated output of approximately 85 megawatts and produces a volume of electricity equivalent to what is consumed annually by approximately 420,000 households in Sumatra, Indonesia. Electricity generated by the plant using geothermal resources is planned to be marketed to Indonesian national power company PT PLN (Persero) over a 30-year period from the start of commercial operations in December 2019. INPEX has begun evaluation work on the volume of geothermal resources toward the expansion of the Muara Laboh Geothermal Power Plant with SEML as well as  Sumitomo Corporation and PT Supreme Energy.

INPEX seeks to enhance and emphasize renewable energy initiatives, which is one of the 5 net zero businesses outlined in the company’s “INPEX Vision @2022” announced on February 9, 2022. INPEX will accelerate its initiatives aimed at its geothermal power generation business, which can utilize the technologies cultivated by the company through oil and natural gas development. INPEX will proactively engage in energy structure reforms towards the realization of a net zero carbon society while fulfilling its responsibilities for the stable development and supply of energy.

The impact on INPEX’s consolidated financial results for the current fiscal year is minimal.

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Source: EvaluateEnergy® ©2023 EvaluateEnergy Ltd