Jakarta, INTI - PT Pertamina Geothermal Energy Tbk (PGE) secured international funding support after three of its geothermal projects were included in the Green Book 2026 published by the Ministry of National Development Planning/Bappenas (PPN/Bappenas). The company has the opportunity to obtain international funding worth US$477.87 million, or around Rp. 8.60 trillion.
The three projects are the Lumut Balai Unit 3 Geothermal Power Plant (55 MW), the Lumut Balai Unit 4 Geothermal Power Plant (55 MW), and the Lahendong Unit 7-8 Geothermal Power Plant (50 MW). The inclusion of these projects in the Green Book 2026 signals their readiness to enter the next phase of development and opens access to international financing sources.
Pertamina Geothermal Energy Performance Growth
Based on the financial report as of March 31, 2026, PGE recorded a 40 percent increase in net profit, reaching US$43.90 million, compared to US$31.35 million in the same period the previous year (YoY). The company also posted revenue of US$116.56 million, a 14.8 percent increase compared to US$101.507 million in the same period the previous year. This growth was driven by the effectiveness of PGE’s sustainable business strategy.
The positive performance was supported by consistent production growth. In 2025, PGE recorded an all-time high, with total production reaching 5,095 gigawatt hours (GWh), a 5.55 percent increase compared to 4,827 GWh in 2024. This positive trend continued in the first quarter of 2026, when electricity production increased 15.22 percent (YoY) to 1,370 GWh.
PGE President Director, Ahmad Yani, stated that the inclusion of these projects in the Green Book 2026 acknowledges project readiness.
"We are optimistic that strengthening business fundamentals, supported by a more mature project portfolio, will form a crucial foundation for PGE’s sustainable growth and support the national energy transition agenda," said Ahmad.
PGE’s Three Geothermal Power Plant Projects
The three projects are listed in the on-lending scheme through concessional loan financing, which offers more attractive interest rates and longer terms than commercial financing. The total loan value listed in the Green Book 2026 reaches US$477.87 million, as follows:
- Lumut Balai Geothermal Power Plant Unit 3 (target COD 2030): US$158.86 million from JICA
- Lumut Balai Geothermal Power Plant Unit 4 (target COD 2032): US$148.97 million from JICA
- Lahendong Geothermal Power Plant Units 7–8 (target COD 2030): US$170.04 million from the World Bank
These three projects are part of PGE's geothermal capacity development target of up to 3 GW. Once operational, these projects will increase the supply of low-emission electricity and strengthen the national energy mix.
"We believe that every geothermal development will not only produce low-carbon energy but also create a broad economic impact through employment, improving the local economy, and strengthening the domestic industrial ecosystem," said Ahmad Yani.
Conclusion
PT Pertamina Geothermal Energy (PGE) has secured international funding support after three of its geothermal projects were included in the Green Book 2026 of Bappenas. The three projects have the potential to receive concessional loan financing totaling US$477.87 million from JICA and the World Bank, which is expected to maintain competitive financing costs and improve project economics. PGE President Director Ahmad Yani stated that this achievement strengthens investor confidence, expands access to international funding, and supports accelerated project development.
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