Image: Citicore Renewable Energy Corp.
Pertamina Nre of Indonesia, a subsidiary of PT Pertamina in State Owning, has acquired a 20% interest in the Philippine developer of Renewable Energie CREC.
The share subscription scheme, with a value of approximately $ 120 million, was confirmed during a ceremonial signing on 19 June. According to the conditions of the agreement, Ptamina NRE and CREC will jointly explore solar and wind investments in Indonesia in Indonesia and collaborate on carbon credit development and trade.
The deal marks the first investment of Pertamina Nre in the Philippines. A joint statement said that the Pertamina NRE partnership gives access to the expertise of the project development of CREC and CREC the opportunity to develop renewable energy projects in Indonesia.
“With Ptamina Nre we can view the energy transition through a different lens and responsive, collaboration solutions for clean energy in the Philippines and Indonesia,” said Crec President and CEO Oliver Tan.
CREC is part of Citicore Group, with a portfolio of operational solar assets of a total of 287 MW. The group wants to deliver 5 GW within five years, with the first phase that is expected to be completed in 2025.
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