Citicore Renewables and Pertamina ink $120m strategic energy partnership

The Indonesian firm takes a 20% stake in CREC.

The Philippines’ Citicore Renewable Energy Corporation (CREC) and Indonesia's state-owned Pertamina New & Renewable Energy (Pertamina NRE) have completed their landmark share subscription agreement with the signing of a $120m agreement.

In a statement, CREC said that the deal gives Pertamina NRE a 20% interest in the former. The parties will also jointly explore renewable energy investments in Indonesia, including the potential development of solar and wind power projects, as well as collaboration related to carbon credit development and trading.

This marks Pertamina NRE’s first investment in the Philippines.

The Citicore Group currently operates 287 megawatts of solar PV plants. It aims to deliver five gigawatts in five years, the first of which will be completed by this year.

The company also has 803 MW of onshore wind projects across the country. Around 543 MW are in various stages of development, with 362 MW for delivery under the Philippine DOE’s Green Energy Auction (GEA) - 2.