Indonesia’s Pertamina invests in PH’s Citicore for $115m
This is equivalent to a 20% interest.
A unit of state-owned PT Pertamina Power Indonesia has marked its first investment in the Philippines with an agreement with the Citicore Renewable Energy Corporation (CREC) to subscribe to a 20% interest in the latter for $115m.
In a statement, CREC said Pertamina New & Renewable Energy’s (Pertamina NRE) investment is equivalent to 2,232,143,036 common shares at $0.051 apiece (PHP3 per share).
Proceeds from the agreement will support CREC’s pipeline of renewable energy projects nationwide in line with its goal of contributing approximately 1 gigawatt of green energy capacity per year as part of its 5 GW in 5 years roadmap.
AlphaPrimus served as the financial adviser to CREC for this transaction.
$1 = PHP58.69
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