Pertamina NRE invests $120 million in RE developer

Renewable energy developer Citicore Renewable Energy Corp. (CREC) announced on Thursday, June 19, that Indonesia’s Pertamina New & Renewable Energy (Pertamina NRE) has completed a subscription agreement to acquire a 20-percent interest in the company, according to a report by Manila Bulletin.

In a statement, CREC said that Pertamina NRE's subscription is valued at $120 million and aims to facilitate the potential development of solar and wind power projects, as well as collaborations on carbon credit development and trading.

The agreement provides Pertamina NRE with access to CREC’s expertise in project development, engineering, procurement, and construction, while CREC will gain opportunities to develop renewable energy projects in Indonesia.

The deal was signed in Jakarta, Indonesia, by Oliver Tan, President and Chief Executive Officer of CREC, and Salyadi Saputra, Director of Strategy & Business Development for Pertamina NRE.

Tan noted that for the Philippines to become a First-World Philippines powered by pure renewable energy, it must seek every opportunity to collaborate with government and industry peers, both domestically and internationally.

He added that with Pertamina NRE, the energy transition can be viewed through a different lens, fostering responsive and collaborative solutions for clean energy in both the Philippines and Indonesia.