Sinar Mas—controlled by tycoon Franky Widjaja and his family—has partnered with Philippine tycoon Federico Lopez’s First Gen Corp. to build six geothermal power plants with a combined capacity of 440 megawatts in Indonesia.

The projects would entail about $2.2 billion in investments, or $500 million for every 100MW of installed capacity, a person familiar with the venture told Forbes Asia. The estimate........

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