First Gen. Sinar Mas to build $2B of geothermal projects: Forbes

First Gen. Sinar Mas to build $2B of geothermal projects: Forbes

First Gen, a subsidiary of the Lopez family-controlled First Gen Corp., and Sinar Mas, led by tycoon Franky Widjaja, have announced a significant partnership to develop geothermal power projects in Indonesia. The joint venture aims to build six geothermal power plants with a combined capacity of 440 megawatts, requiring an estimated investment of $2.2 billion [1].

The project, which will be developed by PT DSSR Daya Mas Sakti and PT First Gen Geothermal Indonesia, will target six fields in West Java, Flores, Jambi, West Sumatra, and Central Sulawesi. This initiative is part of Indonesia's broader goal to harness its substantial geothermal reserves—estimated at 40% of the world's total—to support its clean energy transition [1].

First Gen's Energy Development Corp. (EDC) will lead the geothermal project, leveraging its experience operating 13 integrated geothermal power stations in the Philippines with a combined capacity of 1,189 megawatts. The company is expanding its international ambitions after selling 60% of its gas assets to Philippine casino-to-ports billionaire Enrique Razon Jr. for 50 billion pesos ($875 million) [1].

The Widjaja family, with a net worth of $18.9 billion, is ranked fourth on Forbes' list of Indonesia’s 50 Richest. Their Sinar Mas group has interests in various sectors, including energy, agribusiness, mining, paper mills, financial services, real estate, and telecommunications [1]. Meanwhile, the Lopez family, controlling ABS-CBN, has a net worth of $285 million and is pivoting towards online streaming and content sharing following the rejection of the media company's franchise renewal bid [1].

The geothermal projects in Indonesia are expected to strengthen national capacity in geothermal development and fully harness the country's natural potential for clean energy. The investment aligns with First Gen's goal to quadruple its renewable energy capacity to 13 gigawatts by 2030, as part of its broader energy portfolio that includes hydro, solar, and wind power [1].

References:
[1] https://www.forbes.com/sites/iansayson/2025/08/28/philippines-first-gen-sinar-mas-to-develop-over-2-billion-of-geothermal-projects-in-indonesia/