First Gen sets P1.7B for initial phase of Indonesia geothermal venture – BusinessWorld Online
Lopez-led First Gen Corp. is allocating $30 million (P1.7 billion) for the initial phase of its joint geothermal exploration project in Indonesia with PT DSSR Daya Mas Sakti, part of the Sinar Mas Group.
“The first phase is probably around $30 million… parang start lang ’yan,” First Gen President and Chief Operating Officer Francis Giles B. Puno said, noting the venture will proceed to a drilling campaign in later phases.
PT DSSR Daya Mas Sakti is an indirect subsidiary of PT Dian Swastatika Sentosa Tbk engaged in the geothermal energy development business.
Founded in 1996, PT Dian Swastatika Sentosa Tbk is a leading energy and infrastructure company in Indonesia and part of the Sinar Mas.
Mr. Puno described Sinar Mas as a “very established” conglomerate, calling the partnership a strong platform for geothermal development in the region. — Sheldeen Joy Talavera