PGEO - Cancels acquisition of Sorik Marap

PGEO - Cancels acquisition of Sorik Marapi Pertamina Geothermal Energy (PGEO) canceled its acquisition of two geothermal assets, including Sorik Merapi in North Sumatra, due to unmet resource and commercial feasibility criteria. PGEO prioritized sustainability and financial efficiency, while remaining open to future geothermal acquisition opportunities. (Source : Kontan) Comment : PGEO announced the opportunity to acquire the 149 MW Sorik Marapi Geothermal Power Plant in May 2024. KS Orka is developing one of Indonesia’s largest geothermal projects, with a potential capacity of up to 240 MW, estimated to be worth USD1 bn.