A subsidiary of Kaishan Holdings LTD. (300257.SZ) plans to acquire seven Geothermal projects in Indonesia for $60 million
Zitong Financial APP News, Announcement of Kaishan Holdings (300257.sZ),KS Orka Renewables Pte. Ltd.(” KSO “or the” buyer “), the Company’s Singapore-based holding subsidiary, and Mehmet Emin Hitay(” Hitay “or the” seller “) signed Inter Investment on 1 February 2022Pte. Ltd. Equity Acquisition Agreement.Upon the satisfaction of the conditions prior to the closing of the equity purchase agreement, the parties shall deliver the acquisition target.The buyer pays consideration of usd 60 million to acquire Inter Investment Pte. Ltd held by the seller.100% equity of the Company (” Inter “or the” Target Company “).It is learnt that Hitay is the founder and controlling shareholder of Hitay Holding Group.The target company is a special purpose platform company set up by Hitay in Singapore, which is mainly responsible for the development of geothermal energy in Indonesia. By participating in the early investigation and surface exploration, the company has obtained the preferential underground exploration and development rights of geothermal projects.As of the signing date of the equity purchase agreement, the subject company owns seven Indonesian geothermal project companies. Inni Project Holds one of the few top-class geothermal resources to be developed in Indonesia, with a total power generation potential of 990 MEGAwatts.According to the announcement, the seven Indonesian geothermal projects are included in RUPTL 2021-2030, ensuring the company and the buyer’s continued exploration and development of high-quality geothermal energy in Indonesia, making the buyer one of the largest independent geothermal developers of project resources in Indonesia.The distribution of projects is mainly concentrated in Sumatra, which is conducive to optimizing the portfolio management of ongoing and pending projects and making geothermal development costs more controllable by means of scale effect and resource sharing.