SYDNEY (Yosefardi) – Raya Group Limited has extended the existing heads of agreement (HoA) with infrastructure developer Space Con Pty Ltd until March 28, 2014.
Raya Group is actively engaging with its Indonesian venture partner PT Bakrie Power with a view to building the neccesary frame work for a joint venture agreement between Bakrie, Space Con, and Raya Group before the end of March.
Initial discussions have focused on accelerating the PPA process and rapid development of the 30MW Sokoria project, on track for mid-year completion.
The company anticipates that a minimum budget construction cost of $150 million for the Sokoria project will be required.