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 GreenLoopTM technology and business model to accelerate geothermal projects. PT Medco Power Indonesia will provide geothermal project opportunities, geothermal exploration services, and drilling services.
PT Medco Power Indonesia, 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 is currently developing the Ijen Geothermal project in East Java and photovoltaics (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.
“As a 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,” commented Eka Satria, President Director of PT Medco Power Indonesia.
“GreenFire’s GreenLoopTM 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, CEO, 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," added Iwan Chandra, President Director, PT Armada Energi Solusi.
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Read the article online at: https://www.energyglobal.com/other-renewables/21072023/greenfire-energy-inc-and-pt-medco-power-indonesia-enter-mou/
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