Nickel Industries indications term sheet for 200-MWp solar project in Indonesia

• Australian company Nickel Industries Ltd (ASX: NIC) has actually signed a binding term sheet for the installment of a 200-MWp solar project with a 20-MWh battery to power the operations of the business in Indonesia.

The agreement is with Indonesian solar programmer PT Sumber Energi Surya Nusantara (SESNA), which will certainly develop, set up, run and also preserve the project at the Indonesia Morowali Industrial Park (IMIP). The installment will provide power to Nickel Industries' Hengjaya Nickel, Ranger Nickel as well as Oracle Nickel processing operations.

Nickel Industries will be the long-lasting offtaker of the project.

"The reality that Nickel Industries is not required to provide any kind of funding for the project is very appealing, as is the stable nature of the prices which will certainly be fixed over the 25-year agreement period as well as which is presently lower than existing power prices," claimed managing supervisor Justin Werner.

The binding term sheet adheres to the signing of a memorandum of understanding (MoU) with SESNA in January. The project will add to a battery storage space project of 396 kWp plus 250 kWh that was commissioned by SESNA at the Hengjaya Mine.

Nickel Industries plans an added 220-MWp solar project in the Hengjaya Mine area in partnership with Singapore-based Quantum Power Asia Pte Ltd