JAKARTA, February 24, 2023 --- PT Pertamina Geothermal Energy Tbk., (“PGE”, “Perseroan”) is one of the largest geothermal company in Indonesia, and one of the biggest in the global scale by the installed capacity of the power plant. Today, the Company officially listed its shares for trading on the main board of The Indonesia Stock Exchange (IDX) with the stock code PGEO.
The Company offered 10,350,000,000 registered ordinary shares to the public, which represented 25.00% of the Company’s issued and paid-up capital. The shares were offered at an offering price of IDR 875 per share. The public offering was held from 20 to 22 February 2023, and had successfully raised funds of IDR 9.056.250.000.000,-, Furthermore, The Company also allocated a maximum of 630.398.000 shares to the Management and Employee Stock Option Program (MESOP).
Ahmad Yuniarto, the President Director of PT Pertamina Geothermal Energy Tbk, delivered an Initial Public Offering (IPO) to “support the Company’s plan to expand its installed capacity of 600 MW until 2027,” he said. The Company is targeted to increase its base installed capacity that is own operated, from 672MW at the moment to 1,272MW in 2027. In addition, it will support PGE’s ambition to continue to grow and develop the entire value chain of Indonesia’s Geothermal resources, in accordance with PGE’s tag line “Energizing Green Future”.
PGE has completed roadshows in several countries other than Indonesia, including Singapore, Hong Kong, London, and New York to invite domestic and foreign investors to participate in Pertamina Geothermal’s initial public offering (IPO) Energy. It has succeeded in gaining the interest of qualified domestic and multinational investors to participate, including the Indonesia Investment Authority (INA) and Masdar, a clean energy company based in the United Arab Emirates (UAE).
The Company’s initial IPO experienced an oversubscription of 3,81 times from its pooling portion, exceeding its predetermined targets. This is a considerable achievement for the Company and a positive indicator of the level of investor trust in PGE.
Based on the information and data from its prospectus, geothermal power generation capacity in Indonesia is expected to increase significantly from approximately 2.8 GW in 2022 to 6.2 GW in 2023, with a CAGR of around 10.4%, compared to a global growth at 3.9% in the same period. In 2030, Indonesia will have the biggest clean geothermal capacity globally. This growth is supported by Indonesia’s substantial geothermal potential , the growth of market demand, as well as policy support as a main part of the government’s road map to increase the contribution of renewable energy in the national energy mix.
PGE currently manages 13 working geothermal areas with a total installed capacity of 1,877 MW. In detail, a capacity of 672 MW is managed directly (Own Operation), 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.
