PGE Shares Initial Listing Targets IDR 9 Trillion Green Energy Investment

Jakarta, February 24, 2023 - Green energy development’sfuture in Indonesia will be even brighter with the new investment of around IDR 9 trillion for the geothermal business development through PT Pertamina Geothermal Energy (PGE).

This new history began with PGE shares' initial listing momentum on the Indonesia Stock Exchange (IDX) under PGEO. The inauguration ceremony that took place at the IDX on Friday, February 24, 2023, was attended by the Minister of Energy and Mineral Resources (MRE), Arifin Tasrif; Deputy Minister 1 of SOE, Pahala N Mansyuri; President Director of PT Pertamina (Persero), Nicke Widyawati; President Director of PT Pertamina Geothermal Energy, Ahmad Yuniarto; President Director of PT Bursa Efek Indonesia, Iman Rachman.

The Minister of Energy and Mineral Resources, Arifin Tasrif, said that the government continues to encourage geothermal energy utilization to support clean energy availability in Indonesia. Thus, it can compete in the international market. For this reason, PGE does not only consider Geothermal but can also utilize other energy sources. 

"In 2060, Indonesia is expected to need more than 500 Gigawatts. All of which are new and renewable energy," said Arifin. 

The Deputy Minister of SOEs, Pahala N Mansyuri, said through this opportunity, PGE was expected to raise approximately IDR 9 trillion. "Certainly, with the collection of these funds, it will be PGE's responsibility to see how in the future, through the shares, it can become a more open, accountable, transparent, and more professional company," he said. 

The President Director of PT Pertamina (Persero), Nicke Widyawati, stated that the move to release PGE shares to the IDX was a form of effort to support the energy transition. This corporate action will increase PGE's capacity, thereby increasing geothermal contribution to the energy mix in Indonesia. Moreover, as part of SOE and companies that provide services to the community, this step makes PGE open itself to be more transparent. 

"We are focused on realizing the energy transition for a better environment and earth. Therefore, let us give our enthusiasm and opportunity for all people to contribute to the energy transition. Hence, they can actively participate in the purchase of the shares that we just launched," said Nicke.

On this PGE IPO launching occasion, the President Director of the Indonesia Stock Exchange, Iman Rachman, welcomed PGE's presence on the Indonesia Stock Exchange. According to him, there are 37 SOE companies listed on the IDX, namely 14 SOEs and 23 SOEs' subsidiary entities, including PGE.

"What is extraordinary, we report, is that the market capitalization value on the IDX, 22.5 percent, is controlled by SOE and its subsidiaries, with a portion of 19.4 percent by SOE companies and 3.1 percent by SOE subsidiary entities," said Iman. 

In the initial public offering announcement, President Director of PT Pertamina Geothermal Energy Tbk, Ahmad Yuniarto, emphasized that PGE will continue to be committed to supporting the government's plan to increase the renewable energy mix towards achieving net zero emissions in 2060 within its business scope. As a public company, PGE will carry out good governance that follows the applicable regulations to improve performance, and open up wider opportunities to support geothermal-based renewable energy sector development, and help bring Indonesia to become a Global Geothermal Power House.

"Investment for PGE is an investment for Indonesia with green energy how to provide clean energy in tandem with efforts to care for Indonesia's earth that we love," he concluded.**