Jakarta—Pertamina New & Renewable Energy (Pertamina NRE) is targeting a massive USD 6.2 billion investment by 2029, an increase of more than eight times the 2024 investment budget. This investment aims to expand the installed capacity of clean energy-based power plants to 6 GW by 2029.
“This 6 GW target will be supported by gas to power and renewable energy power plants such as geothermal, solar power, and biogas,” said Pertamina NRE CEO John Anis in a press release, quoted on Friday, June 20.
As of the first semester of 2024, Pertamina’s installed capacity of power plants has reached around 2.6 GW. This step is part of Pertamina’s dual growth strategy, which includes strengthening the existing oil and gas business and developing low-carbon businesses.
“Pertamina NRE has a strategic role by becoming Pertamina’s frontline to develop clean energy business and new business,” Anis added.
Pertamina NRE also targets carbon credit sales to reach 19.2 million tons of CO2 equivalent by 2029. In September 2023, it successfully became the first seller of carbon credits in the inaugural IDX Carbon trade, with a volume of approximately 800,000 tons of CO2 equivalent.
In addition, Pertamina NRE aims to produce 7,000 tons of clean hydrogen annually and 840,000 kiloliters of bioethanol by 2029.
Production in the battery and electric vehicle ecosystem business is expected to reach 51.4 GWh in the same year. In 2024, Pertamina NRE will focus on several priority initiatives, including developing the bioethanol business to support the increased utilisation of biofuels in Indonesia through cooperation with Pertamina Patra Niaga.
In addition, the 55 MW Lumut Balai 2 geothermal area is being developed, an overseas geothermal business is being developed, and a carbon and hydrogen business for vehicle fuel (hydrogen for mobility) is being developed.
Pertamina NRE’s performance in 2023 showed good growth, with a 6 per cent increase in revenue compared to the previous year, to USD 411.5 million.
EBITDA and net profit reached USD 331.77 million and USD 146.60 million, respectively, up 11 per cent and 24 per cent compared to 2022. Electricity production also increased to 5,452 GWh, up 17 per cent from the previous year, supported by various types of generation such as gas to power, geothermal, solar, and biogas. (Hartatik)
