Indonesian Geothermal Project Funded By German Development Bank
Asian Green Technology Holdings, Ltd. believes that geothermal energy has a promising future.
- (1888PressRelease) January 26, 2011 - As geothermal energy continues to become a hot sector in Indonesia, the Philippines, and along the “ring of fire,” international interest and financing is pouring in to support the up and coming energy source. Asian Green Technology Holdings has been watching the sector, and according to analyst Young-Jae Paeng, “geothermal is going to provide a major economic boost for countries rich in the resource. Indonesia and the Philippines are two regions that we are watching closely, and as money pours in from international interest production will skyrocket.”
German state-owned development bank KfW has pledged 7.7 million euros to Indonesia to research geothermal feasibility in Aceh Provence. It is estimated that the site possesses 200MW of untapped geothermal energy reserves, and the proposed plant at the site would generate 55MW and take 5 years to complete. The Indonesian government has said that they will need 18.7 million euros to complete the project and KfW has said that they would consider providing a loan to cover the remaining development costs.
Indonesia is said to have as much as 28GW of geothermal energy reserves. With only 1.2GW of production currently installed they have a long way to go before nearing their maximum capacity. The government has set targets to reach 4GW by 2014 and 12GW by 2020.
Indonesia has traditionally been a mass exporter of oil, and as their reserves have dwindled and consumption increased the country is no longer a net exporter of the commodity. Politicians are now turning to renewable energy as an answer to their energy and economic woes.
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