The company said it has sold — via its Singapore subsidiary — its 50% stake in OTP Geothermal Pte., which in turn owns 95 per cent interest in the 240 MW power project in North Sumatra.
The stake was sold to Singapore-based to KS Orka Renewables Pte Ltd.
Tata said it has significant investments in Indonesia and remains committed to development of Indonesian power and energy sector.
Tata Power’s other investments in Indonesia include investments in PT Kaltim Prima Coal, PT Arutmin Indonesia and PT Baramulti Suksessarana Tbk. Tata Power also owns a 30% stake in the leading coal company PT Kaltim Prima Coal (KPC), 26% stake in mines at PT Baramulti Suksessarana Tbk (“BSSR”) and a geothermal project in Indonesia.
It said it continues to explore thermal and renewable power project opportunities within the Independent Power Producer (IPP) programs the Government of Indonesia.
The divestment of the Company’s interest in OTP is consistent with the Company’s strategy to constantly review its businesses and restructure, as required, to deliver long term value to shareholders, the Indian company said.
Tata Power is India’s largest integrated power company with a growing international presence.
The Company together with its subsidiaries and jointly controlled entities has an installed gross generation capacity of 9130 MW and a presence in all the segments of the power sector viz.
Tata Power has more than 2 million distribution consumers in India and has developed the country’s first 4000 MW Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology.
It is also one of the largest renewable energy players in India with a clean energy portfolio of 1630 MW.