Masdar makes strategic investment in Pertamina Geothermal Energy, one of the world's largest geothermal players

• Published date: 24 February 2023
• Publication title: Wam

BU DHABI, 24th February, 2023 (WAM) -- Masdar, a leading global clean energy company, has announced a strategic investment in Pertamina Geothermal Energy (PGE), one of the largest geothermal players worldwide.

This marks Masdar's entry into the geothermal energy sector, in the world's second-largest geothermal market.

Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, and Chairman Masdar, said, "Achieving the 1.5C target set out in the Paris Accords will require humanity to leverage all sources of low-carbon energy, including sources that are currently under-utilised, like geothermal. Through its investment in PGE, Masdar is demonstrating its continuing commitment to Indonesia's 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."

hmad 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 Indonesia's renewable energy mix."

Mohamed Jameel Al Ramahi, Chief Executive Officer Masdar, said, "Masdar's strategic investment in PGE will complement our already strong footprint in Indonesia, the world's second largest geothermal market. We are especially excited to add geothermal energy to our clean energy portfolio, a clean energy source that can deliver dispatchable power 24 hours a day, which further underscores our position as a global leader in delivering clean energy solutions that help drive the global energy transition."

Indonesia has a goal of increasing its installed geothermal capacity from 2.8...