PGEO - Holding funds of IDR10 tn for geothermal expansion

PGEO - Holding funds of IDR10 tn for geothermal expansion Pertamina Geothermal Energy (PGEO) has accumulated a substantial fund of IDR10.4 tn (USD660 mn) for expanding its geothermal projects. They are actively pursuing both organic and inorganic growth. Organically, PGEO is developing projects such as Lumut Balai, Lahendong, and Hulu Lais to increase its geothermal production capacity to 1 gigawatt over the next 2 years. Inorganically, PGEO plan to partner with global geothermal industry leaders, initially utilizing the available funds. The company also open to refinancing options through banking or global bonds to optimize their return on investment. PGEO is collaborating with Chevron New Energies in the exploration of geothermal working areas in Way Ratai, Lampung. Furthermore, PGEO is finalizing plans to acquire a geothermal power plant from Sorik Marapi Geothermal Power (SMGP). In anticipation of their robust business expansion, they have allocated a capex of USD550 mn for 2024. (Source: Investor Daily)