Pertamina Geothermal Heats Up After IPO

By Editorial Team 11/09/2023
geothermal
Summary

PT Pertamina Geothermal Energy Tbk (PGEO) grew its business after going public on the Indonesia Stock Exchange. It acquired PT Sorik Marapi Geothermal Power, owned by KS Orka Renewables, for US$1 billion. According to Reuters sources, the acquisition deal will be signed before the end of 2023. 

PGEO also secured funding worth US$188,618 million from the Japan International Cooperation Agency (JICA). “This collaboration with JICA is a strategic part of developing the Lumut Balai project units 1 and 2 in South Sumatra,” PGEO President Director Julfi Hadi said on Saturday. PGEO also partnered with Mitsubishi Corporation, SEPCO III Electric Power Construction Co Ltd, and PT Wijaya Karya (Persero) Tbk. “This collaboration is to provide access to reliable and affordable clean energy,” Julfi said.

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