Velcan SA's subsidiary company PT Aceh Hydro Power has been granted an Environmental Permit for its planned 59MW Meureubo 2 hydropower project in Sumatera, Indonesia.
This permit, granted by the Regency of the West Aceh province, is an important step towards the completion of all the necessary procedures for Velcan's flagship project in Indonesia. It is a prerequisite for obtaining the Forest Land Use Permit.
Velcan started the development of Meureubo 2 in 2011 and incorporated PT Aceh Hydro Power Company as the special purpose vehicle for this project. Velcan leads the Consortium of the Meureubo 2 Hydropower Project with a 70% stake alongside PT-PJB with a 25% stake. PT-PJB is a fully-owned subsidiary of National Utility PT-PLN and will be responsible for the operations and maintenance of the power plant. PT-PPC, Velcan's local partner for this project, owns the remaining 5% of the consortium.
