Upstream assets are owned by the Upstream SP and have reached the ready-for-exploitation stage. Steam supply is delivered pursuant to a PJBU between the SP and PLN.

PLN and its Subholding enter into an Intercompany Transaction Agreement for the development and operation of the power plant. As compensation for downstream development and O&M, PLN pays a fee to the Subholding under the agreement.

Subholding acts as the steam off-taker and is responsible for converting the steam into electricity, with ownership of the downstream assets vested in the Subholding.

PLN grants a Conversion Assignment to the SPC, with the Subholding acting as the majority shareholder.

SPC acts as the steam off-taker and is responsible for converting the steam into electricity, as well as for the operation and management of the downstream assets. As compensation for the conversion and plant operation services, PLN pays a conversion fee to the SPC.

Development, financing, ownership, and management of the downstream assets are undertaken by the SPC, with 51% held by the Subholding and 49% held by the Downstream SP.