GreenFire Energy and PT Medco partner up for geothermal projects in Indonesia

Signing of MOU between GreenFire Energy and PT Medco Power Indonesia (source: PT Medco Energi)

GreenFire Energy Inc. and PT Medco Power Indonesia have signed a memorandum of understanding (MOU) to cooperate on future geothermal projects to achieve the Indonesian Government’s Net Zero Emissions by 2060.

GreenFire Energy will provide its GreenFire’s GreenLoop™ technology (GreenLoop) and business model to accelerate geothermal projects. PT Medco Power Indonesia will provide geothermal project opportunities, geothermal exploration services, and drilling services. The MOU was signed at INDO EBTKE ConEx on July 13, 2023.

PT Medco Power Indonesia, one of the leading Independent Power Producers and a subsidiary of PT Medco Energi Internasional Tbk, owns and operates power plants with gross capacity over 3.1 GW in 15 locations in Indonesia. The company is focused on implementing Indonesia’s energy transformation policy and actively promoting geothermal power generation in Indonesia with its rich exploration and drilling experience. Currently PT Medco Power Indonesia is developing the Ijen Geothermal project in East Java and PV plant projects in West and East Bali.

GreenFire Energy has developed a versatile, closed-loop Advanced Geothermal System (AGS) called GreenLoop. GreenLoop can economically access the entire spectrum of geothermal and certain oil and gas resources that conventional geothermal technology cannot. The technology enables new and existing operators and developers to retrofit idle wells, to expand existing fields with new wells, and de-risk the development of new geothermal resources quickly and economically. GreenLoop can be precisely tailored for optimal power generation and techno-economic feasibility. GreenFire Energy is represented by PT Armada Energi Solusi in Indonesia.

President Director of PT Medco Power Indonesia, Eka Satria said, “As a leading clean and renewable energy company in Indonesia, the signing of this MOU supports our climate change strategy to expand our renewable portfolio and achieve Net Zero Emissions for Scope 1, Scope 2 by 2050 and Scope 3 in 2060, in line with the government’s energy transition program.”

“GreenFire’s GreenLoop™ technology is an excellent match for Indonesia’s geothermal resources. Our ability to tailor solutions for well retrofits, field expansions, and develop new resources will lead to successful deployments. PT Medco Power Indonesia projects are a high priority for GreenFire Energy and we look forward to working together,” said Joseph Scherer, chief executive officer, GreenFire Energy Inc.

“PT Armada Energi Solusi partners with GreenFire Energy for the most innovative technologies and services to fast-track geothermal projects in Indonesia. We are ready to work with PT Medco Power Indonesia to develop projects quickly and deliver strong economics with GreenLoop technology,” said Iwan Chandra, president director, PT Armada Energi Solusi.

Source: Email correspondence