On Thursday, Indonesia’s State-Owned Enterprises Minister Erick Thohir announced that Indonesian power company PT Pertamina Geothermal Energy will launch an initial public offering (IPO) in the second quarter of 2022.
Further details of the IPO, including the planned size of the shares sale, were not disclosed.
Currently, Pertamina Geothermal has around 900 MW of installed capacity and the company aims to double that in the next five years.
The IPO will help Pertamina’s unit expand its businesses amid the expectation of rising demand for greener energy as the country shifts away from fossil fuels.
Thohir added that the IPO would help the country’s state electricity company PLN to reach the 15 GW shift from fossil energy to achieve its goal to cease the use of coal power plants by 2056.
