Australia’s Raya Group Ltd (ASX:RYG) and its partner PT Bakrie Power Corp have signed a pact to sell an 85% stake in the 30-MW Sokoria geothermal project in Indonesia to Space Con Pty Ltd.

Raya said in a press release on Friday that, together with Bakrie Power, it has entered into a heads of agreement on the matter with the Sydney-based construction firm, which is currently conducting due diligence on the Sokoria project. Once the process is completed, the joint venture partners will sign a final deal with Space Con that would be valued at about USD 3 million (EUR 2.7m).