First Gen, Sinar Mas Form JV for 440MW Geothermal Development in Indonesia

Philippines-based Energy Development Corp. (EDC), a unit of First Gen Corp., has partnered with Indonesia's PT DSSR Daya Mas Sakti, a subsidiary of the Sinar Mas Group, to jointly develop six geothermal power plants with a combined capacity of approximately 440 megawatts across West Java, Flores, Jambi, West Sumatra, and Central Sulawesi. This $2.2 billion joint venture aims to harness Indonesia's vast geothermal reserves, which represent about 40% of the world's total but remain largely untapped at only 10% development. EDC, recognized as the world's largest vertically integrated geothermal company, will contribute its decades of experience and expertise, while DSSR provides strong local presence and capacity-building efforts. The collaboration focuses not only on project development but also on knowledge transfer and strengthening Indonesia’s national capacity for geothermal energy, supporting the country's clean energy transition and energy security goals. Both partners emphasize the strategic importance of this venture in creating lasting economic, environmental, and community value. This marks a significant step in First Gen's international renewable energy expansion and Indonesia's efforts to fully utilize its geothermal potential.