CREC, Pertamina unit firm up collab in renewables

CREC, Pertamina unit firm up collab in renewables

MANILA, Philippines — Citicore Renewable Energy Corp. (CREC) has formalized its $120-million partnership with Indonesian state-owned energy giant Pertamina. This paves the way for the listed renewable energy developer’s expansion in Southeast Asia. In a joint statement on Thursday, CREC said it signed a share subscription agreement with PT Pertamina Power Indonesia (Pertamina New &

Indonesia’s Pertamina secures 20% stake in Citicore Renewables

Indonesia’s Pertamina New & Renewable Energy (Pertamina NRE) has acquired a 20% stake in Philippine solar developer Citicore Renewable Energy Corp. (CREC) for $120 million, with both companies planning joint investments in solar and other renewable projects in Indonesia.Indonesia’s Pertamina NRE, a subsidiary of state-owned PT Pertamina, has acquired a 20% stake in Philippine renewable energy developer CREC. The share subscription arrangement, v…

Indonesia’s Pertamina NRE acquires 20 percent stake in Philippines’ Citicore Renewable Energy

Philippine renewable energy developer Citicore Renewable Energy Corporation (CREC) and Indonesia state-owned Pertamina New and Renewable Energy (Pertamina NRE) have inked a $120 million strategic partnership. The duo said in a statement on Thursday that under the partnership, Pertamina NRE subscribes to a 20 percent interest in CREC, raising an estimated value of approximately $120 million. CREC and Pertamina NRE will also jointly explore renewa…