Masdar makes strategic investment in Pertamina Geothermal Energy
Summary
Through its investment in PGE, Masdar is demonstrating its continuing commitment to Indonesias energy transition and its support of one of the major focus areas of the upcoming COP28, which is to provide practical energy security solutions while reducing emissions.Ahmad Yuniarto, Chief Executive Officer, PGE, said, We look forward to working with Masdar in the areas which complement and grow further our capabilities to be a world class green energy company, with the largest geothermal capacity globally. We endeavour to develop 600 megawatts (MW) in additional installed capacity over the next five years to support Indonesias renewable energy mix.Mohamed Jameel Al Ramahi, Chief Executive Officer Masdar, said, Masdars strategic investment in PGE will complement our already strong footprint in Indonesia, the worlds second largest geothermal market. Geothermal energy plants also have high-capacity factors, meaning they can run at maximum power for longer periods. These attributes mean geothermal energy could potentially play a significant role in the clean energy transition, helping nations with a high concentration of geothermal activity to reduce carbon emissions.The PGE investment is the latest in Masdars ongoing effort to expand and increase its strategic partnerships in the Asia-Pacific region. Masdar is already developing the regions largest floating solar facility the 145-MW Cirata Floating Solar PV Plant in Indonesia and last year signed an agreement with Tuas Power, EDF Renewables, and PT Indonesia Power to explore development of up to 1.2 GW solar capacity in Indonesia for export to Singapore.Masdar recently announced a new shareholding structure and additional focus on green hydrogen, making it one of the largest clean energy companies of its kind.