Overview
Archi Indonesia Tbk and Ormat have established a joint venture to develop a geothermal project in North Sulawesi, Indonesia, aiming for a capacity of 40 MW. The agreement was disclosed to the Indonesia Stock Exchange on 13 November 2025. The project will be executed through PT Toka Tindung Geothermal (TTG), in which Archi Indonesia holds 5% and Ormat Geothermal Indonesia holds 95%.
Entities and structure
PT Archi Indonesia Tbk (ARCI) is a large pure-play gold producer in Indonesia and Southeast Asia, entering the geothermal sector via TTG. TTG will focus on early field development and a feasibility study ahead of construction, with Archi playing a strategic role in project guidance despite its minority stake.
“The partnership is part of the company’s strategy to diversify into renewable energy,” said Archi Indonesia’s Corporate Secretary Hidayat Dwiputro Sulaksono.
Permitting and location
The TTG project is located within the concession areas of Archi subsidiaries PT Meares Soputan Mining and PT Tambang Tondano Nusajaya. Archi confirmed that TTG received its geothermal permit on 13 June 2025. Early field development activities and a feasibility study are currently underway.
Historical context
The collaboration between Archi Indonesia and Ormat Geothermal Indonesia traces back to earlier discussions and cooperation efforts reported in 2021, with formalization occurring in 2025 through the new joint venture arrangement.
Key dates
- June 2025: TTG receives geothermal permit.
- 13 November 2025: JV announced to the IDX, detailing ownership and scope.
Investor takeaway
The arrangement marks Archi Indonesia’s strategic diversification into renewable energy, balancing its established mining footprint with a minority but pivotal operating role in TTG’s development and future expansion.
Author’s summary
Archi Indonesia and Ormat formalized a 40 MW North Sulawesi geothermal JV (TTG) with Archi 5% and Ormat 95%, signaling Archi’s renewable diversification and TTG’s early development plans in 2025.
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