Turkish group to invest $2.5b in East Java

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GeothermalPowerStation
Indonesia is rich in geothermal resources

Turkey-based Hitay Investment Holdings plans to invest $2.5 billion in three geothermal power projects in East Java, Indonesia, local media reported.

The estimated power potential for all three projects, located at Mount Bromo, Mount Lamongan and Raung, is about 1,100 MW.

Hitay Investment said it has been studying the investment possibility since 2011 and has now received approval from the Indonesian Ministry of Energy and Mineral Resources.

The company, through its newly founded subsidiary PT Hintay Renewable Energy, is now conducting an exploration survey, which is to take about 1-2 years. The planned survey will cover aspects of geology, geochemistry and geophysics. In addition to geothermal exploration, it is hoped that there will be a transfer of knowledge between Turkey and Indonesia. It is planned that satellite technology owned by the Turkish government will aid in the exploration of the fields.

Hitay Investment Holdings is a business conglomerate focusing on corporate venture capital since 1988. The group was founded by Emin Hitay, a prominent entrepreneur and investor known with his startups in Turkey.

 

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Reading Time: 1 minute

Indonesia is rich in geothermal resources

Turkey-based Hitay Investment Holdings plans to invest $2.5 billion in three geothermal power projects in East Java, Indonesia, local media reported.

Reading Time: 1 minute

GeothermalPowerStation
Indonesia is rich in geothermal resources

Turkey-based Hitay Investment Holdings plans to invest $2.5 billion in three geothermal power projects in East Java, Indonesia, local media reported.

The estimated power potential for all three projects, located at Mount Bromo, Mount Lamongan and Raung, is about 1,100 MW.

Hitay Investment said it has been studying the investment possibility since 2011 and has now received approval from the Indonesian Ministry of Energy and Mineral Resources.

The company, through its newly founded subsidiary PT Hintay Renewable Energy, is now conducting an exploration survey, which is to take about 1-2 years. The planned survey will cover aspects of geology, geochemistry and geophysics. In addition to geothermal exploration, it is hoped that there will be a transfer of knowledge between Turkey and Indonesia. It is planned that satellite technology owned by the Turkish government will aid in the exploration of the fields.

Hitay Investment Holdings is a business conglomerate focusing on corporate venture capital since 1988. The group was founded by Emin Hitay, a prominent entrepreneur and investor known with his startups in Turkey.

 

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