Indonesian state-owned enterprise Pertamina Power Indonesia, known as Pertamina New Renewable Energy or Pertamina NRE, is taking a 20% stake in Citicore Renewables Energy Croporation CREC as it expands into the Philippines.
The firm has acquired the equivalent to 2,232,143,036 CREC common shares, at P3 per share, for an estimated value of P6.7 billion $115 million. The proceeds will contribute to the development of CREC’s pipeline of renewable energy projects nationwide in line with its goal of contributing approximately 1 gigawatt GW of green energy capacity per year as part of its 5GW in five years roadmap, according to a media release.
The...
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