Southeast Asian business tycoons Franky Widjaja and Federico Lopez have teamed up to build six geothermal power plants in Indonesia, according to Forbes Asia. The plants are planned to have a combined capacity of 440 megawatts.
With this project, Widjaja and Lopez's companies (Sinar Mas and First Gen Corp, respectively) will push Indonesia closer to its clean energy goal.
Recently, the country committed to reducing its pollution by up to 41% by 2030 and plans to achieve carbon neutrality by 2060, per the Global Energy Alliance for People and Planet.
Indonesia has the resources to do so. Forbes Asia reported that it has about 40% of the world's geothermal reserves, but has only developed 10%.
According to the U.S. Department of Energy, geothermal energy comes from hot water reservoirs located beneath the earth's surface, both natural and manmade. Heat from the wells is converted to steam, which is then turned into electricity. This heat is continually replenished, making it a more sustainable source of energy than dirty fuels, which pollute the atmosphere and warm the planet.
Companies around the world are waking up to geothermal energy's potential. Kenya is currently replacing gas turbines with geothermal energy plants, while the Netherlands is exploring its own geothermal potential.
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Sinar Mas and First Gen Corp's new project will be a game-changer for Indonesia, providing an energy source that is both stable and clean. First Gen's Energy Development Corp has already established 13 geothermal power stations across the Philippines and is up for the task.
Lokita Prasetya, president of DSSR, a Sinar Mas subsidiary, said in a press release, "This agreement goes beyond investment. It is a strategic collaboration to bring world-class knowledge and best practices from EDC to Indonesia. Our goal is to strengthen national capacity in geothermal development and to fully harness the country's natural potential for clean energy."
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