(Renewable) Energy Transition of Indonesia; Pertamina Geothermal Energy Makes Trading Debut
On 24 February 2023 Pertamina Geothermal Energy made its trading debut on the Indonesia Stock Exchange (IDX) after concluding its initial public offering (IPO) – in which it sold 10.35 billion shares (which is equivalent to 25 percent of its enlarged share capital, including a 10 percent free float on the IDX) at an offering price of IDR 875 per share.
This is a very interesting move as it could mean a breath of fresh air for geothermal power development across Indonesia. After all, among the key obstacles is the lack of funds for geothermal exploration and exploitation. Like many other countries in the world, Indonesia is trying to develop its renewable energy potential in an effort to cut energy imports (crude oil and conventional fuels) and cut carbon emissions.
Through the IPO, Pertamina Geothermal Energy managed to raise around USD $597 million, most of which (85 percent) is planned to be used for capacity expansion efforts in the company’s geothermal working areas. Earlier Pertamina Geothermal Energy had already announced plans of doubling its geothermal capacity by 2027-2028; a plan that requires an estimated cost of around USD $4.0 billion.
Biggest shareholder of Pertamina Geothermal Energy is Pertamina Power Indonesia (PPI). The latter is a company that fully focuses on electricity generation using clean energy sources. Meanwhile, PPI is owned by Indonesia’s (fully) state-owned energy giant Pertamina.
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