First Gen. Sinar Mas to build 6 power plants in Indonesia: Forbes

First Gen. Sinar Mas to build 6 power plants in Indonesia: Forbes

First Gen, a Philippine energy company, and Sinar Mas Group have entered a partnership to develop six geothermal power plants in Indonesia, with a combined capacity of 440 megawatts (MW). The project, valued at approximately $2.2 billion, aims to harness Indonesia's vast geothermal reserves, which hold around 40% of the world's geothermal resources but have only 10% developed [1].

The joint venture, involving First Gen's Energy Development Corp. (EDC) and Sinar Mas Group's PT DSSR Daya Mas Sakti, plans to develop geothermal fields in West Java, Flores, Jambi, West Sumatra, and Central Sulawesi. The project will involve significant investments, with estimates indicating $500 million per 100 MW of installed capacity [1].

This partnership is part of First Gen's broader strategy to expand its renewable energy portfolio. The company is investing $9 billion to quadruple its renewable energy capacity to 13 gigawatts by 2030, following the sale of 60% of its stake in gas assets to Enrique Razon Jr. for 50 billion pesos ($875 million) [1].

Indonesia's clean energy transition goals align with the project's objectives. The country aims to achieve net-zero emissions by 2060, and this geothermal initiative is expected to contribute significantly to that goal. EDC, with its extensive experience in geothermal development in the Philippines, will lead the project, bringing decades of expertise to the venture [2].

The Sinar Mas Group, controlled by tycoon Franky Widjaja and his family, has a diverse business portfolio, including interests in energy, agribusiness, mining, paper mills, financial services, real estate, and telecommunications. The Lopez family, controlling shareholders of ABS-CBN, is also involved, with a net worth of $285 million [1].

This partnership underscores the potential of geothermal energy in Indonesia and highlights the strategic collaboration between Philippine and Indonesian entities to drive clean energy development.

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/
[2] https://www.facebook.com/InsiderPHNews/posts/from-the-philippines-to-indonesia-energy-development-corp-has-partnered-with-sin/122264092400204956/