Masdar enters geothermal market
The company invested in one of the largest geothermal players globally.
Abu Dhabi-based Masdar has made a strategic investment in Indonesia’s Pertamina Geothermal Energy (PGE), marking the company’s entry into the geothermal sector.
In a statement, Masdar CEO Mohamed Jameel Al Ramahi said the strategic investment will complement the company’s strong footprint in the world’s second-largest geothermal market.
Indonesia, which aims to reach net-zero emissions by 2060, has an installed geothermal capacity of 2.8 gigawatts (GW) in 2022, with PGE holding a capacity of over 1.87 GW. The country’s total capacity is expected to grow to 6.2 GW by 2030.
Masdar said the investment also boosts its effort to expand strategic partnerships in Asia-Pacific.
It is developing the 145-megawatt Cirata Floating Solar PV Plant in Indonesia, the largest floating solar facility in the region. The company also inked an agreement with Tuas Power, EDF Renewables, and PT Indonesia Power to study the development of up to 1.2GW solar capacity in Indonesia to be exported to Singapore.