Power, Legacy, and a Billion-Dollar Comeback: Prajogo Pangestu’s Rise with Barito Renewables

At 81, Prajogo Pangestu, Indonesia’s richest man, is proving that age is no barrier to reinvention — especially when the future of power is on your side. After a bruising 2024 that saw his wealth slide by billions, Pangestu has staged a dramatic comeback. As of late July 2025, his fortune has soared past $36 billion, thanks largely to a stunning rally in shares of Barito Renewables, the geothermal energy firm at the heart of his empire.

The catalyst? A decision by Morgan Stanley Capital International (MSCI) to reinstate three of Pangestu’s companies — previously excluded due to shareholder concentration — into its index. Among them is Barito Renewables, which now accounts for over a third of his net worth. The market responded instantly: shares surged 20% overnight, marking Prajogo’s biggest single-day wealth gain of $3.5 billion, as reported by Bloomberg.

From Timber to Clean Energy: The Arc of an Empire

Born the son of a rubber trader, Pangestu began his journey modestly, founding Barito Pacific in 1979 as a timber business. Over the decades, he transformed it into a sprawling conglomerate — spanning petrochemicals, power generation, plantations, and property — with a distinct pivot in recent years toward renewables and energy infrastructure.

His geothermal flagship, Barito Renewables, is now both a symbol of Indonesia’s energy transition and the crown jewel of his fortune. But it hasn’t been without turbulence. In 2024, the stock was briefly placed on the Indonesian watchlist and later dropped from FTSE Russell’s index, leading to a steep $12 billion dip in Prajogo’s wealth. Still, resilience defines his legacy — and the latest rally proves how fast fortunes can change when the tides of institutional trust shift.

Future Growth, Grounded in Vision

Looking ahead, Pangestu’s ambitions stretch beyond geothermal. Chandra Asri, his chemical production arm, is receiving an $800 million injection from Indonesia’s sovereign wealth funds to build a massive facility near Jakarta — a project expected to produce 400,000 tons of caustic soda and 500,000 tons of ethylene dichloride annually by 2027.

As Southeast Asia redefines its energy future, Prajogo Pangestu isn’t just riding the wave — he’s shaping it. His empire is no longer just an industrial relic but a case study in strategic reinvention, rooted in legacy and powered by the promise of sustainability. For Indonesia’s quiet billionaire, it seems, the next chapter has only just begun.