PGEO - Geothermal project in Kenya

PGEO - Geothermal project in Kenya Pertamina Geothermal Energy (PGEO) is still in discussion with Africa Geothermal International No.1 Ltd (AGIL No.1) on a partnership to develop a geothermal project in Longonot concession, Kenya. Moreover, AGIL as one of AGIL no.1 subsidiaries, and PGEO had signed MoU between them. They expects to develop geothermal up to 500 megawatt (MW), which 140 MW out of 500 MW is ready to be exploited. Prior from that, PGEO had set USD600 mn or equal to IDR9.1 tn for 2023 capex, which is funded from its IPO proceeds and proceeds from green bonds issuance. PGEO had spent around USD130 mn of its 2023 capex or equal to IDR1.9 tn in 1H23 and will spend another USD460 mn, which all the 2023 capex is for building a geothermal water power plant (brine to power) with capacity of 230 MW. Note that, brine to power project is part of PGEO' capacity expansion for the next 5 years. (Source : Investor Daily)