JAKARTA - PT Pertamina Geothermal Energy Tbk (PGEO) is targeting an additional installed capacity of 600 megawatts (MW) of geothermal power plants for the next five years. Funds will be sourced from the initial public offering (IPO) of about IDR 9 trillion.

Ahmad Yuniarto, Main Director of PT Pertamina Geothermal Energy Tbk (PGEO), said that the proceeds from the initial public offering (IPO) will be used to increase the capacity of geothermal energy managed by the company. "At the same time, we also continue to strengthen our capabilities, such as supportingexcellent operations from our existing capacity base at 672 MW, "he said during the initial listing of PGEO shares in Jakarta.

With 600 MW more installed, capacity of geothermal energy managed by PGEO will reach 1,272 MW in 2027.

He mentioned that the implementation of IPO helped the company to increase the transparency and accountability. Later, the company's performance will be much better with the inclusion of public as PGEO shareholders through the public offering. (LK/W)