The buyer for a majority stake in Indonesian clean energy developer Medco Power (MPI) is set to emerge by early March, according to a source involved in the process.
MPI is a developer of small to medium sized power plants. At the end of 2014 it owned and operated six gas fired power plants with gross generating capacity of 200MW located in Batam and South Sumatra. MPI’s business includes EPC contracting for power plants and operations and maintenance services.
The company has two geothermal power plant projects in development – a minority stake in the 330MW Sarulla in North Sumatra through a joint venture with Itochu and Kyushu Electric Power, and 51% of the 110MW Ijen in East Java.The pipeline also has mini hydro projects in West Java and Sumatra with total targeted capacity of 45MW.
Strategic investors submitted binding bids in December and early January for the 51% stake in MPI held by a Saratoga Capital-led consortium of financial investors. Listed oil and gas company Medco Energi Internasional holds the remaining 49% in the company.
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