Friday, February 23, 2024

PT Pertamina Geothermal Energy, GDC, and Masdar join forces for US$ 1.2 billion Suswa Geothermal field project in Kenya

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PT Pertamina Geothermal (PGE) has announced a strategic partnership with Geothermal Development Company (GDC) and Masdar, one of PGE’s shareholders, to develop the Suswa geothermal field in Kenya. The joint statement was made by H.E. William Ruto, the President of the Republic of Kenya.

The primary objective of this collaboration is to expedite the development of the Suswa geothermal field, with initial infrastructure for the project set to commence soon.

“This partnership, with an investment value of US$ 1.2 billion, aims to develop 300 MW of geothermal power by 2030. The initial infrastructure for this project will begin soon,” shared President William Ruto on December 6, 2023.

Julfi Hadi, President Director of PT Pertamina Geothermal Energy Tbk, expressed PGE’s active collaboration with all stakeholders to fast-track geothermal development. 

PGE is actively engaging with ESG-focused financial institutions to secure funding for new geothermal projects.

“PGE is also exploring innovative approaches to supply environmentally friendly electricity, making geothermal power more accessible to customers,” said Julfi.

Highlighting geothermal energy’s potential, Julfi mentioned its capability to significantly contribute to reducing carbon emissions in Indonesia’s industrial sector. 

Geothermal energy stands out due to its high availability compared to other renewable sources and controllability.

“In addition to its vast potential in Indonesia, geothermal energy can serve as a green baseload for the industrial sector, positioning itself as a key strategic renewable energy source,” he added.

Mari Elka Pangestu, Indonesia’s Special Envoy for the Global Blended Finance Alliance (GBFA), emphasized the critical role of Indonesia’s substantial geothermal potential in the nation’s efforts to decarbonize the power generation and industrial sectors.

“Collaboration and investment, particularly from the private sector, are essential to accelerate decarbonization across various sectors. The implementation of blended finance mechanisms is crucial in this regard,” stated Mari.

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