JAKARTA – PT Pertamina Geothermal Energy Tbk (PGEO) is confident about the expansion of installed capacity of its geothermal power plants of 600 megawatts (MW) until 2027.

During PGEO’s initial public listing ceremony on Friday (24/2), Ahmad Yuniarto, President Director of Pertamina Geothermal Energy, confirmed that the IPO proceeds will be utilised to extend the installed capacity of the geothermal power plants. “From the current capacity of 672 MW to 1,272 MW in 2027,” he added.

As of now, the capacity of geothermal power plants in Indonesia is approximately 2.8 gigawatts (GW). In 2030, it is expected to reach 6.2 GW, targeting compound annual growth rate (CAGR) of 10.4%, way above the global average of 3.9%. Indonesia is also projected to cover 28% of the global geothermal power plant in 2030.

PGEO is currently working on 13 geothermal work areas with a total installed capacity of 1,877 MW, which consists of 672 MW that is managed directly by PGEO and 1,205 MW that is managed under joint operation contracts.

Throughout the public offering, PGEO recorded 3.81 times oversubscription of the pooling allotment. In this corporate action, PGEO offered 10.35 billion shares for IDR 875 each, thus bringing the total value to IDR 9.05 trillion. (LK/ZH)