PGEO – Prepares to issue USD500 mn greenbond

Pertamina Geothermal Energy (PGEO) is targeting electricity sales this year of 4.543 GWh. The largest revenue contribution is still contributed from the pembangkit listrik panas bumi (PLTP) Kamojang at 40%. For 1Q23, PGEO's revenue was contributed by PLTP Kamojang amounting to 235 MW, out of PGEO's total generating capacity of 672 MW. The rest was contributed from Ulubelu PLTP at around 30%, Lahendong PLTP at 18%, Lumut Balai PLTP at 10% and the remaining Karaha PLTP at 2%. For now, PGEO will continue to boost performance by seeking funding for new well investments. In April 2023, the company issued green bonds amounting to USD400 mn, all of which were used to refinance bridge loan facilities. ing forward, the company still needs investment funds worth USD1.6 bn, to increase geothermal installed capacity by 600 MW. Around USD500 mn of the fund needs to be fulfilled from the IPO (initial public offering). Then around USD400 - USD500 from internal cash, and the rest will be from the issuance of green bonds in the next two years. (source : Kontan)