Menggunakan Pendanaan Swasta untuk Mempercepat Penggunaan Panas Bumi: Pembangkit Listrik Tenaga Panas Bumi, Indonesia

This executive summary analyzes the use of private financing to accelerate geothermal energy deployment in Indonesia, focusing on the Sarulla Geothermal Power Plant (PLTP Sarulla) as a case study. It highlights the role of public support in mitigating exploration risks and providing financial guarantees to attract private investment to meet national capacity targets.

• Indonesia possesses the world's largest geothermal resources with a potential capacity of 29GW, yet less than 5% has been utilized. To reach the government's target of 7.6GW by 2025, an annual growth rate of 13.6% is required, which significantly exceeds the 4.8% growth observed between 2002 and 2013.
• The Sarulla Geothermal Power Plant (PLTP Sarulla) is projected to be the world's largest geothermal project with a total capacity of 330MW by 2018. Once fully operational, it is expected to increase Indonesia's installed geothermal capacity by 20%, renewable energy capacity by 5%, and reduce CO2 emissions by 1.3 mt per year.
• The levelized cost of electricity (LCOE) for the Sarulla project is estimated at 7.8-8.2 US cents/kWh, which would increase by 1 US cent/kWh without public support. While competitive globally, this cost remains 40-60% higher than coal-fired baseload power in Indonesia when emission and health costs are ignored.
• Public support through long-term Feed-in Tariffs (FiT) and guarantees is critical for private investment. For the Sarulla project, a 30-year FiT provided revenue certainty and allowed for capital recovery within nine years. Without public support, the expected equity return (currently 14-16%) would likely drop by 4%, falling below developer expectations.
• High exploration risk is a primary barrier to geothermal development. The Sarulla project succeeded because exploration was already completed by a previous developer (Unocal Sumatera Utara Geothermal), reducing risk for Sarulla Operations Limited (SOL), who paid USD 70 million to PLN as compensation for the completed exploration. The document suggests the government should take a larger role in exploration to reduce the returns demanded by private developers, potentially lowering tariffs by 1-3 US cents/kWh.

APA

Rakhmadi, R., & Sutiyono, G. (2015). Menggunakan Pendanaan Swasta untuk Mempercepat Penggunaan Panas Bumi: Pembangkit Listrik Tenaga Panas Bumi, Indonesia. Climate Policy Initiative. https://www.climatepolicyinitiative.org/wp-content/uploads/2015/06/Menggunakan-Pendanaan-Swasta-untuk-Mempercepat-Penggunaan-Panas-Bumi-Pembangkit-Listrik-Tenaga-Panas-Bumi-Indonesiat-–-Ringkasan-Eksekutif-.pdf

Chicago

Rakhmadi, Randy, and Guntur Sutiyono. Menggunakan Pendanaan Swasta untuk Mempercepat Penggunaan Panas Bumi: Pembangkit Listrik Tenaga Panas Bumi, Indonesia. Climate Policy Initiative, 2015. https://www.climatepolicyinitiative.org/wp-content/uploads/2015/06/Menggunakan-Pendanaan-Swasta-untuk-Mempercepat-Penggunaan-Panas-Bumi-Pembangkit-Listrik-Tenaga-Panas-Bumi-Indonesiat-–-Ringkasan-Eksekutif-.pdf.

Wikipedia

{{cite report |last1=Rakhmadi |first1=Randy |last2=Sutiyono |first2=Guntur |title=Menggunakan Pendanaan Swasta untuk Mempercepat Penggunaan Panas Bumi: Pembangkit Listrik Tenaga Panas Bumi, Indonesia |publisher=Climate Policy Initiative |date=June 2015 |url=https://www.climatepolicyinitiative.org/wp-content/uploads/2015/06/Menggunakan-Pendanaan-Swasta-untuk-Mempercepat-Penggunaan-Panas-Bumi-Pembangkit-Listrik-Tenaga-Panas-Bumi-Indonesiat-–-Ringkasan-Eksekutif-.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{rakhmadi2015menggunakan, author = {Rakhmadi, Randy and Sutiyono, Guntur}, title = {{Menggunakan Pendanaan Swasta untuk Mempercepat Penggunaan Panas Bumi: Pembangkit Listrik Tenaga Panas Bumi, Indonesia}}, institution = {Climate Policy Initiative}, year = {2015}, month = jun, url = {https://www.climatepolicyinitiative.org/wp-content/uploads/2015/06/Menggunakan-Pendanaan-Swasta-untuk-Mempercepat-Penggunaan-Panas-Bumi-Pembangkit-Listrik-Tenaga-Panas-Bumi-Indonesiat-–-Ringkasan-Eksekutif-.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }