Geothermal energy subsidiary of State energy company PT Pertamina, PT Pertamina Geothermal Energy (PGE) is waiting for a capital injection from the Daya Anagata Nusantara Investment Management Agency (BPI Danantara) to support its renewable energy expansion plan.

President Prabowo Subianto has previously said that the first wave of Danantara investment worth US$20 billion (Rp325 trillion) would be poured into 20 strategic projects.

Danantara focuses on downstreaming nickel, bauxite, copper, data center development, artificial intelligence (AI), oil refineries, petrochemical plants, food production and aquaculture protein and EBT.

PGE Finance Director, Yurizki Rio, revealed that his company party has yet to receive capital injection from Danantara.

However, he hopes that Danantara can support PGE projects through various mechanisms, such as providing access to new funding, either through direct investment or by bringing in partners from abroad.

"Danantara can help with introduction to new technology providers, or strategic partners abroad who may be able to help develop our technology," Yurizki said on Wednesday, March 26, 2025.

PGE President Director, Julfi Hadi, said the projects run by PGE now have strong business fundamentals and that PGE has prepared a solid portfolio in anticipation of capital injections from Danantara.

Julfi is optimistic that as an investment management agency, Danantara will look for quality projects and he is sure that the geothermal business has promising fundamentals.

In addition, from a technical perspective, the risk of geothermal projects can be managed from high to low categories, and vice versa.

Meanwhile, the main challenges related to commercialization and tariff increases that have been difficult so far have now been overcome, thanks to the incentives that are being worked on together with the government.

"Starting from the risk, starting from the acceleration, starting from the capex, this is very strategic, especially the base load, of course PGE hopes that this will be glanced at by the gentlemen from Danantara," Julfi said on Wednesday, March 26, 2025.

As part of its sustainable growth strategy, PGE continues to expand its geothermal project portfolio by developing various new Geothermal Working Areas (WKP) with the aim of supporting the achievement of the national energy mix target of 23 percent from new and renewable energy by 2025.

Approaching 2025, PGE is optimistic about the growth prospects, especially with the planned commissioning of Lumut Balai Unit 2 power plan with a capacity of 55 MW this year.

This addition also not only strengthens the company's green energy portfolio, but also has the potential to increase revenue and competitiveness amidst the increasing demand for clean energy.