Pertamina Geothermal Energy (PGE), an affiliate of the Indonesian’s national oil and gas company Pertamina, has officially listed its shares for trading on the main board of The Indonesia Stock Exchange (IDX). PGE offered 10,350 million registered ordinary shares to the public, which represented 25% of the company’s issued and paid-up capital. The shares were offered at a price of IDR875/share (US$0.57/share) and successfully raised IDR9,056bn (US$595m). Several domestic and international investors took part in PGE’S Initial Public Offering, including the Indonesia Investment Authority (INA) and Masdar (United Arab Emirates).
PGE aims to increase its installed capacity from 672 MW to 1,272 MW in 2027. The company currently manages 13 working geothermal areas with a total installed capacity of 1,877 MW. A capacity of 672 MW is managed directly, and 1.205 MW through a joint operation contract scheme. The 672 MW power plant capacity that is managed directly by PGE comes from 6 geothermal areas which are: Kamojang in West Java with 235 MW, Karaha in West Java with 30 MW, Lahendong in North Sulawesi with 120 MW, Ulubelu in Lampung with 220 MW, Lumut Balai in South Sumatra with 55 MW and Sibayak in North Sumatra with 12 MW.