Purbaya Opens Option to Swap PNM with Geo Dipa

JAKARTA - The Finance Minister, Purbaya Yudhi Sadewa, has opened the option of exchanging PT Permodalan Nasional Madani with PT Geo Dipa Energi. This scheme emerges as part of the government’s plan to take over PNM.

Purbaya stated that discussions are still ongoing internally. The primary focus remains on strengthening the distribution of financing for MSME actors.

“We just discussed how about swapping with Geo Dipa, but that’s still under discussion. Clearly, the focus is on how the Department of Finance (Ministry of Finance) can take over PNM so that we can channel KUR through it,” Purbaya said at the Attorney General’s Office on Friday (10/4/2026).

“And in the coming years, we will form a bank called a real MSME bank,” he explained.

The model of the bank being prepared differs from commercial banks. The main orientation is not on maximum profits.

“No. BRI is profit-oriented, this is not. Yes, not at a loss, but not with crazy interest rates. The important thing is that the financing can be carried out sustainably and truly helps MSMEs, with a comprehensive ecosystem design,” he continued.

The funding scheme and valuation are still being calculated. The asset exchange option is seen as able to reduce funding needs.

“It will be valued if necessary. But if it’s a barter, it will be smaller, we’ll see, still under discussion,” he said.

PT Geo Dipa Energi is a state-owned enterprise under the Ministry of Finance. The company focuses on geothermal energy development.

Geo Dipa manages the Patuha PLTP in West Java and the Dieng PLTP in Central Java. Each has a capacity of around 60 Megawatts.

PT Permodalan Nasional Madani is a subsidiary of PT Bank Rakyat Indonesia. The company is within the Danantara holding.