PGEO to Keep on Geothermal Project Expansion in Lahendong, Lumut Balai

By Editorial Team 29/01/2024
Geothermal
Summary

PT Pertamina Geothermal Energy Tbk (PGEO) is set to expand the Lumut Balai and Lahendong geothermal fields in 2024, aiming to increase their capacity. Nelwin Aldriansyah, the Finance Director of Pertamina Geothermal, revealed on Jan 28 that the company plans to proceed with the Engineering, Procurement, Construction & Commissioning (EPCC) for Lumut Balai Unit 2. It will also advance the development of Lahendong Unit 7 and Unit 8, each with a capacity of 2x20 megawatts. "This expansion is poised to enhance PGEO's installed capacity," he said.

Nelwin explained that the financing of the Lumut Balai expansion project will be sourced from loans provided by Japanese institutions and the remaining funds from the initial public offering (IPO). The Lumut Balai project has already secured funding of Rp 2.83 trillion from the Japan International Cooperation Agency (JICA). The total investment value for Lumut Balai Unit 2 amounts to US$700 million or Rp 10.5 trillion. The remaining funds from PGEO's IPO reached Rp 5.93 trillion out of the total proceeds of Rp 8.77 trillion.

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