Indonesia’s Pertamina Geothermal Energy, a unit of state energy company Pertamina, is considering issuing green bonds to help fund its expansion following plans for an initial public offering, its spokesperson said on Tuesday.
The company’s IPO scheduled this month has a top-end price range of between 875 rupiah and 880 rupiah a piece valuing it at up to 9.11 trillion rupiah ($599.74 million), the largest in Indonesia in almost a year after the $1.1 billion listing of tech firm GoTo in April.
Muhammad Baron, Pertamina Geothermal Energy’s spokesperson, said green bonds were among the funding mechanisms that the company is considering and “reviewing internally.”
Bisnis.com cited the company’s director of finance as saying on Monday that the company planned to issue green bonds “shortly”.
He did not specify the size of the bond issue.
The company’s IPO comes as Pertamina aims to double its geothermal capacity by 2027-2028, which may cost an estimated $4 billion.
Pertamina Geothermal is selling 10.35 billion shares, or 25% of the enlarged share capital. Most of the IPO proceeds will be invested into expanding capacity of its working geothermal areas, its prospectus said.
The public offering is scheduled for Feb. 20-22.
Reuters