Page 11 - AsiaElec Week 18 2021

AsiaElec RENEWABLES AsiaElec

Indonesia plans geothermal IPO

INDONESIA INDONESIA is intending to merge three state- geothermal drilling and development, PLN on
owned geothermal companies into a single hold- the side of purchasing electricity and Geodipa in
ing as part of wider plans for an IPO in the fourth the field of government drilling and financing, it
quarter of 2021. is hoped that the target of increasing geothermal
Deputy Minister of State-Owned Enterprises capacity can be achieved.
(BUMN) Pahala Mansury said that the consol- Pahala added that the government is target-
idation of geothermal assets owned by Pertam- ing for installed geothermal capacity, which is
ina Geothermal Energy, PLN GG and Geodipa currently around 1.2 GW, to expand to above 3.3
would be completed in May. GW in 2024.
Pahala said that this consolidation was a step In addition to increasing capital, the con-
that had to be done before the IPO. solidation of assets and the implementation of
With the consolidation set to be completed in IPO is expected to increase transparency and
May, the IPO is targeted to be carried out in the accountability of the company. “This is one thing
fourth quarter of this year. to improve governance because there are more
“The synergy of the three, in my opinion, is people staring at it, people’s expectations will also
very important to be able to develop geothermal be formed,” concluded Pahala.
assets. The plan is to have an IPO in the fourth The latest SOE Ministry has appointed a con-
quarter of this year,” said Pahala recently in an sultant to design the formation up to the floor on
interview with news outlet Kontan. However, the stock exchange. There are three companies
Pahala did not want to specify the target funds that will join, namely PT Pertamina Geothermal
for the IPO implementation later. Energi, PT Geo Dipa Energi and PT PLN Gas &
Pahala added, with the synergy of the three Geothermal. President-director of PT Geo Dipa
companies, it is hoped that geothermal develop- Energi Riki F. Ibrahim revealed that currently a
ment can be accelerated. consultant is making an analysis study. ™
With Pertamina, which has the capability in

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