PGE to Spend US$1.6 Billion Over Five Years Ahead of IPO

By Editorial Team 13/02/2023
Summary

Pertamina Geothermal Energy (PGE) plans to invest around US$1.6 billion in the next five years. PGE finance director Nelwin Aldriansyah revealed the target to increase the installed capacity of the company's geothermal power plants (PLTP) from the current 672 to 1,272 megawatts by 2027. "The key to supporting the company's revenue growth is increasing the installed capacity," he said on Sunday.

To support the plan, Nelwin added, the clean energy company, planning to go public as PGEO, is ready to spend US$250 million, an increase from its 2022 capital expenditure of only US$60 million, and add an extra US$350 million in 2024. "We are combing through various funding alternatives, such as releasing initial shares or IPO [initial public offering]. Shortly, we will also issue green bonds and other financing alternatives," he said.

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