Raya Group Ltd (ASX:RYG) and PT Bakrie Power Corp are looking for new potential buyers of the 30-MW Sokoria geothermal project in Indonesia following the termination of an existing pact with Space Con Pty Ltd.

Australia-based Raya said on Monday that the two parties will not sell an 85% stake in PT Sokoria Geothermal Indonesia to SpaceCon, as agreed in January, because certain documents were not presented to the Indonesian authorities by the March 11 deadline. The heads of agreement between the companies has now been cancelled.