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Indonesia Plans $500 Million Merged Geothermal Firm IPO

  • Financial advisers working to complete merger in three months
  • IPO in Jakarta could take place as soon as end of the year
Indonesia had 2.1 gigawatts of installed geothermal power capacity as of 2019, according to a Ministry of Energy and Mineral Resources report.

Indonesia had 2.1 gigawatts of installed geothermal power capacity as of 2019, according to a Ministry of Energy and Mineral Resources report.

Photographer: Adek Berry/AFP/Getty Images

Indonesia is planning an initial public offering that could raise at least $500 million as part of its bid to create the world’s biggest geothermal company, according to people with knowledge of the matter.

The Southeast Asian nation, which last week announced its plan to combine three separate state-owned geothermal companies, is working with advisers to complete the tie-up within three months, said one of the people. The potential first-time share sale of the merged entity could take place in Jakarta as soon as the end of this year, the people said, asking not to be named as the process is private.