Archi and Ormat to Explore North Sulawesi Geothermal Sources

Summary

PT Archi Indonesia Tbk (ARCI) and Ormat Technologies Inc will start exploring the geothermal potential in the Bitung area, North Sulawesi. They formed a joint venture company called PT Toka Tindung Geothermal to carry out the project near Archi's Toka Tindung gold mine. Archi is a pure-play gold mining company, while Ormat is a developer of geothermal power plants (PLTP). Archi President Director Ken Crichton said that the collaboration with Ormat marked the company's commitment to supporting a conserving the environment through the use of renewable energy. "We are reaching a new stage and milestone," he said in a written statement on Monday (9/27).

Meanwhile, Ormat Chief Executive Officer Doron Blachar explained that Indonesia was an attractive market with significant geothermal resources. Besides, the strong government support will help Ormat achieve its growth plans. "The cooperation agreement with Archi, which is our third partnership in Indonesia, can speed up our efforts and increase our confidence to develop in Indonesia," he said.

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