Andalas Energy and Power Plc Signs Agreement with PT PP Energi
17 July 2017 - 7:02PM
UK Regulatory
TIDMADL
Andalas Energy and Power Plc
('Andalas', or the 'Company')
Signs Agreement with PT PP Energi
Andalas Energy and Power plc (AIM:ADL) is pleased to announce that it has
signed an agreement ('Agreement') with PT PP Energi ('PPE'), a division of PT
PP (Persero) Tbk ('PTPP'), the state owned construction and engineering
company, to jointly develop gas fired power facilities ("IPPs") in Indonesia.
The Agreement is a significant milestone for the Company because it builds on
Andalas' existing business with Pertamina and PTPP and PPE have the capability
to bring significant complementary experience and resources to joint projects.
The agreement covers IPP projects across Indonesia, including those developed
from gas supplied by Pertamina and by third party gas owners. It is expected
that PPE will be a suitable partner to join it and PT Pertamina (Persero) in
developing IPPs under Andalas' existing agreement (see announcement 1 September
2016) using gas from Pertamina's portfolio of discovered gas fields in
Sumatra.
Highlights:
* Andalas to propose at least three projects to PPE within three months.
* PPE parent company, PTPP, is an Indonesian state-owned enterprise that is
listed on the Indonesian Stock Exchange with a market capitalisation of
approximately US$1.4 billion and generated revenue of US$1.2 billion in
2016.
* PTPP group is one of the largest construction and investment groups in
Indonesia and is considered a preeminent engineering procurement and
construction ('EPC') contractor of Indonesian independent power producer
projects.
* PTPP group has a strong relationship with the national power company, PLN,
having constructed 14 power projects for PLN totalling 2,168 MW since 2012.
* PTPP was awarded Indonesia's Most Admired Company 2017 Construction
Category by Warta Ekonomi Magazine in May 2017.
David Whitby, CEO of Andalas Energy & Power, commented: "Our relationship with
Pertamina is creating a new gas to power business in Indonesia. The agreement
is complementary to this business but importantly enables Andalas to pursue
other gas to power projects that it has identified with non-Pertamina gas
fields. PPE is a motivated and strategic partner that we believe brings unique
skills, relationships and financial resources to a project consortium that we
expect will further enable Andalas to deliver its target of 250-500MW. We have
already performed a great deal of work in anticipation of signing this
agreement and I look forward to announcing the first project shortly."
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ('MAR). Upon the publication of this announcement via a
Regulatory Information Service ('RIS'), this inside information is now
considered to be in the public domain.
**ENDS**
For further information, please contact:
David Whitby Andalas Energy and Power Plc Tel: +62 21 2783 2316
Sarah Wharry Cantor Fitzgerald Europe Tel: +44 20 7894 7000
Craig Francis (Nominated Adviser and Joint Broker)
Jon Belliss Beaufort Securities Limited Tel: +44 20 7382 8415
(Joint Broker)
Frank Buhagiar St Brides Partners Limited Tel: +44 20 7236 1177
Susie Geliher
END
(END) Dow Jones Newswires
July 17, 2017 05:02 ET (09:02 GMT)
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