PGEO Eyes $3 Billion Funding Until 2029 for Expansion

PGEO is seeking $3 billion in funding until 2029 through various sources, primarily bank loans and bond issuance, aiming to strengthen the company’s stock and standing in the geothermal power industry,

Rizqi Rajendra

20 Mar 2024 - 21.01
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PGEO Eyes $3 Billion Funding Until 2029 for Expansion

(L-R) President Director of PT Pertamina Geothermal Energy Tbk. Julfi Hadi, President Director of PT Pertamina (Persero) Nicke Widyawati, President Director of PT Pertamina Power Indonesia Dannif Danusaputro carried out a button pressing procession as a symbol of the start of the construction process for the Pertamina Geothermal Energy Lumut Balai Unit 2 Project at a groundbreaking event, Tuesday (12/19/2023) in the Regency Muara Enim, South Sumatra. The Lumut Balai Unit 2 project is a concrete step for the Company to become a 1 GW company in the next two years./Bisnis/Pertamina Doc

Bisnis, JAKARTA — PT Pertamina Geothermal Energy (PGEO) has unveiled plans to secure up to $3 billion until 2029 to finance the company's expansion plans to achieve energy independence and develop new renewable energy sources.

At the current Jisdor exchange rate of IDR15,582 per US dollar, the target funding amounts to approximately IDR46.74 trillion. The company is optimistic about meeting this funding target, given Pertamina Group's positive reputation and the company's focus on green energy.

Based on its financial report for the end of 2023, the company's cash and cash equivalents amounted to $677.7 million, reflecting that the company has sufficient cash to support independent financing for the time being. This cash reserve surged by over 150 percent compared to the end of 2022, which recorded $262.3 million, thanks to the company's initial public offering (IPO) last year.

“[Our cash balance] can cover our need for the next one to two years,” PGEO’s Finance Director Yurizki Rio told Bisnis, as quoted on Tuesday (3/19/2024).

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PGEO Eyes $3 Billion Funding Until 2029 for Expansion

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