Archi and Ormat to Develop Exploration Drilling Program of Geothermal Facilities Prospect in North Sulawesi, Indonesia
28 Setembro 2021 - 7:00AM
Ormat Technologies Inc. (NYSE: ORA) and PT Archi Indonesia Tbk
(“Archi”; IDX: ARCI), one of the largest pure-play gold mining
companies in Indonesia and Southeast Asia, announced the signing of
an agreement to establish a Joint Venture (“JV”) company, PT Toka
Tindung Geothermal (“TTG”).
This JV company is designed to explore the
potential of geothermal energy prospects in the Bitung area of
North Sulawesi region, especially within the Toka Tindung gold mine
concession area. This is also in line with the Government’s target
to expand electricity generation from renewable energy sources.
The shareholding composition of TTG, subject to
completion of certain conditions, which fall under a Power Purchase
Agreement (“PPA”), are 75% shareholding interest will be entitled
to Ormat, while the rest of 25% shareholding interest will be owned
by Archi.
TTG aims to develop a geothermal power project
within the Toka Tindung mining concessions on an exclusive basis.
Ormat will execute the exploration drilling program at the Klabat
Wineru prospect in the North Sulawesi province and ultimately the
field development drilling program, design, engineering,
procurement, financing, construction, testing, commissioning,
ownership, management, operation and maintenance of the Geothermal
Facilities.
Mr. Ken Crichton, President Director of Archi,
said: “We are very pleased with the signed corporation agreement as
we enter a new chapter and reach a new milestone of our Company.
Archi is very proud to take part of the national geothermal
projects, and this is in line with our commitment to support
environmental sustainability using renewable energy sources.”
Mr. Doron Blachar, Ormat’s Chief Executive
Officer, said: “Ormat is committed to exploring and developing
geothermal resources around the world and our activity in
Indonesia, which represents an attractive market with significant
potential resources and strong government support, will help us
meet our growth plans. The agreement with Archi, which marks our
third joint venture in the country enables us to leverage our
expertise and accelerates our efforts to expand our growth in
Indonesia and bring clean, renewable energy to the local
population.”
ABOUT ORMAT TECHNOLOGIES
With over five decades of experience, Ormat
Technologies, Inc. is a leading geothermal company and the only
vertically integrated company engaged in geothermal and recovered
energy generation (“REG”), with robust plans to accelerate
long-term growth in the energy storage market and to establish a
leading position in the U.S. energy storage market. The Company
owns, operates, designs, manufactures and sells geothermal and REG
power plants primarily based on the Ormat Energy Converter – a
power generation unit that converts low-, medium- and
high-temperature heat into electricity. The Company has engineered,
manufactured and constructed power plants, which it currently owns
or has installed for utilities and developers worldwide, totaling
approximately 3,200 MW of gross capacity. Ormat leveraged its core
capabilities in the geothermal and REG industries and its global
presence to expand the Company’s activity into energy storage
services, solar Photovoltaic (PV) and energy storage plus Solar PV.
Ormat’s current total generating portfolio is 1.1 GW that comprises
a 1,015 MW of geothermal and Solar portfolio that is spread
globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and
Guadeloupe and an 83 MW energy storage portfolio that is located in
the U.S.
ABOUT ARCHI
Archi Indonesia (“Archi”) is one of the largest
pure-play gold mining companies in Indonesia and Southeast Asia,
with more than 10 years’ experience and an uninterrupted
operational track record at the Toka Tindung Gold Mine, which is
located in North Sulawesi.
Since its establishment in 2010, Archi through
its wholly owned subsidiaries, PT Meares Soputan Mining (“MSM”) and
PT Tambang Tondano NUSAJAYA (“TTN”), has been able to produce more
than 200 kilo ounces (equivalent to 6,2 tons) of gold per year for
the last five years and possess 3.9 million ounces of Ore Reserves
as at the end of December 2020. In running its business, Archi
always upholds its commitment to ESG best practice values and
provides supports in developing and improving socio-economic
aspects of the near-mine surrounding community.
Behind Archi’s success story is a solid
management team and a team of technical experts with extensive
experience in the mining, exploration, and production of the gold
and minerals industry. Archi is supported by Rajawali Group
(“Rajawali”) as the controlling shareholder, an investment holding
company in Indonesia that has a portfolio of various businesses in
different industries and has a proven track record in building
world-class operations and creating value to shareholders. For more
information, please visit www.archiindonesia.com.
ORMAT’S SAFE HARBOR STATEMENT
Information provided in this press release
contains statements relating to current expectations, estimates,
forecasts and projections about future events that are
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
generally relate to expected revenue and EBITDA contributions from
the acquired assets, the achievement of synergies, Ormat's plans,
objectives and expectations for future operations and are based
upon its management's current estimates and projections of future
results or trends. Actual future results may differ materially from
those projected as a result of certain risks and uncertainties.
For a discussion of such risks and
uncertainties, see "Risk Factors" as described in Ormat’s Form 10-K
filed with the Securities and Exchange Commission (“SEC”) on
February 26, 2021 and from time to time, in Ormat’s quarterly
reports on Form 10-Q that are filed with the SEC.
These forward-looking statements are made only
as of the date hereof, and we undertake no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
Ormat
Technologies Contact: |
Archi Media
Contact: |
|
|
Smadar Lavi |
P: +62 21 576 1719 |
VP Corporate Finance and Head of Investor Relations |
F: +62 21 576 1720 |
775-356-9029 (ext. 65726) |
corsec@archimining.com |
slavi@ormat.com |
www.archiindonesia.com |
|
|
Rob Fink |
|
FNK IR |
|
646-809-4048 |
|
rob@fnkir.com |
|
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