INDUSTRY.co.id - Jakarta, PT Pertamina Geothermal Energy Tbk (PGE) (IDX: PGEO) obtained international funding support for three geothermal strategic projects after being included in Green Book 2026 published by the Ministry of National Development Planning/National Development Planning Agency (PPN/Bappenas).
The inclusion of theseprojects in the priority list of foreign funding marks the readiness of PGE to move to the next stage of development. This achievement is also present in the midst of the growth trend of the Company's business and operational performance which continues to show strength.
Based on the financial statements as of March 31, 2026, PGE posted a net profit of US $43.90 million, a 40 percent growth compared toUS $31.35 million in the same period the previous year. The Company's revenue also increased 14.8 percent to US $116.56 million from US $101.507 million on an annual basis (year-on-year/YoY).
This growth is supported by the Company's sustainable business strategy as well as the increase in geothermal electricity production. Throughout 2025, PGE recorded the highest production in history with total production reaching 5,095 gigawatt hours (GWh), up 5.55 percent compared to 4,827 GWh in 2024. The growth trend continued in the first quarter of 2026 with electricity production reaching 1,370 GWh or an increase of 15.22 percent on an annual basis.
PGE President Director Ahmad Yani said that amid rising demand for clean energy and global energy security challenges, the inclusion of the Company's projects into Bappenas' Green Book 2026 is a recognition of the project's readiness to enter the next stage of development.
"We see that the positive performance recorded by the Company further strengthens the trust of various stakeholders in the business prospects and development ofPGE projects. In addition to opening opportunities for access to various international funding sources that can support the acceleration of project realization, this achievement also increases the visibility and attractiveness of the Company's projects in the eyes of prospective strategic partners and global funding institutions. We are optimistic that strengthening business fundamentals, supported by an increasingly mature project portfolio, will be an important foundation for the Company's sustainable growth while supporting the national energy transition agenda," said Ahmad Yani.
The three projects included in Green Book 2026 include Pembangkit Listrik Tenaga Panas Bumi (PLTP) Lumut Balai Unit 3 with a capacity of 55 megawatts (MW), PLTP Lumut Balai Unit 4 with a capacity of 55 MW, and PLTP Lahendong Unit 7-8 with a capacity of 50 MW.
Through this funding scheme, the Company hopes to keep the cost of debt competitive while improving the project's economy in the long term.
"In addition to helping maintain a healthy funding structure and maintaining a competitive cost of debt, the inclusion of these three projects also has the potential to improve the economy of the project so that it can provide sustainable added value for the Company and stakeholders," said Ahmad Yani.
Green Book 2026 or List of Foreign Loan Priority Plans in 2026 is a list of national projects that have obtained foreign funding commitments through the coordination of the Government of Indonesia with various international development partners. The list was compiled based on the Decree of the Minister of National Development Planning/Head of Bappenas Number Kep. 52/M.PPN/IIK/06/2026.
Previously, the three projects had been listed in the Bappenas Medium-Term Overseas Loan Plan List for 2025-2029 (Blue Book) after meeting various technical, financial, environmental, and institutional readiness requirements. The entry of the project into Green Book is an important step towards further implementation and development.
In Green Book 2026, the three projects obtained on-lending financing schemes through concessional loans that offered lower interest rates and longer tenures than commercial financing. The total value of the loan allocated reachedUS $477.87 million with details:
• PLTP Moss Hall Unit 3 (COD 2030 target): US$158.86 million from JICA.
• PLTP Moss Hall Unit 4 (target COD 2032): US$148.97 million from JICA.
• PLTP Lahendong Unit 7-8 (COD 2030 target): US $170.04 million from the World Bank.
The three projects are part of the PGE roadmap to develop geothermal capacity up to 3 gigawatts of (GW). Once operational, theprojectsare expected to increase the supply of low-emission electricity while strengthening the contribution of geothermal energy in the national energy mix.
PLTP Lumut Balai Unit 3 and Unit 4 located in Muara Enim Regency and Kabupaten Ogan Komering Ulu (OKU), South Sumatra, will expand the Company's geothermal development in the Sumatra region. Both projects have also had Power Purchase Agreement (PPA), while PLTP Moss Hall Unit 4 has been included in Rencana Usaha Penyediaan Tenaga Listrik (RUPTL) PLN2025-2034.
On the other hand, the development of PLTP Lahendong Unit 7-8 and Binary Unit in Minahasa Regency, North Sulawesi, is projected to increase the contribution of PGE to North Sulawesi's electricity supply from around 30 percent to 35-40 percent of the region's total electricity demand.
In line with the development agenda, PGE as a world leading geothermal producer continues to carry out long-term growth strategies through optimizing existing assets, business expansion, and diversifying new sources of income.
"We believe that every geothermal development not only produces low-carbon energy, but also creates a broad economic impact through employment, local economic improvement, and strengthening the domestic industrial ecosystem," said Ahmad Yani.
