This statement was made by PGE Finance Director Nelwin Aldriansyah who also noted that Lumut Balai Unit 2 is expected to commence commercial operations in 2024. The facility is currently under construction following the selection of the EPCC contractor in late 2022.
Moreover, the geothermal developer is preparing an investment of USD 1.6 billion in the next five years with the aim of increasing the company’s installed capacity by 600 MW – a target of 1272 MW by 2027. As part of this long-term strategy, an investment of USD 350 million is being eyed for 2024.
PGE recently held an Initial Public Offering (IPO) in the Indonesian Stock Exchange, offering 10.35 billion shares. The IPO succeeded in raising USD 597.17 million for PGE, most of which is intended to be used for capacity expansion efforts.