Masdar, a global clean energy powerhouse, has entered the geothermal energy industry, through a strategic investment in Pertamina Geothermal Energy (PGE), one of the world’s largest geothermal players.
The PGE investment is the latest in Masdar’s ongoing effort to expand and increase its strategic partnerships in the Asia-Pacific region. Masdar is already developing the region’s 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 the development of up to 1.2 GW solar capacity in Indonesia for export to Singapore.
Indonesia has a goal of increasing its installed geothermal capacity from 2.8 gigawatts (GW) in 2022 to 6.2 GW by 2030. The Government is targeting net-zero emissions by 2060 and having renewables provide 23 percent of the energy mix by 2023. PGE has been operating geothermal facilities in Indonesia for the last 40 years, with a portfolio capacity exceeding 1.87 GW.
Dr. Sultan bin Ahmed Al Jaber UAE Minister – Industry & Advanced Technology Chairman – Masdar
“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-utilized, 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.”
Mr. Ahmad Yuniarto, Chief Executive Officer, of PGE, said that “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 endeavor to develop 600 megawatts (MW) in additional installed capacity over the next five years to support Indonesia’s renewable energy mix.”
Mr. Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar, said that “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.”
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. With a goal of achieving 100 GW renewable energy capacity and green hydrogen production of 1 million tons per annum annually by 2030, the new Masdar is a clean energy powerhouse that will spearhead the UAE’s Net Zero by 2050 Strategic Initiative and drive the global energy transition.
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