Indonesian State-Owned Enterprise subsidiary Pertamina New & Renewable Energy (Pertamina NRE) has inked a share subscription agreement with Citicore Renewable Energy Corporation (CREC). Pertamina New & Renewable Energy will acquire a 20 per cent stake in CREC by subscribing to 2,232,143,036 common shares at PhP 3.00 per share. This transaction will generate a value of approximately $115 million.
Furthermore, this partnership grants Pertamina NRE access to CREC’s expertise in project engineering, procurement, and construction (EPC). This partnership will also facilitate CERC’s expansion in the region. Additionally, this agreement will contribute to CREC’s renewable energy pipeline and aligns with its goal of contributing approximately 1 GW of green energy capacity per year as part of its 5GW in 5-year roadmap.
Pertamina NRE and CREC have been expanding their renewable energy portfolio. Earlier in December 2024, CREC inked a supply and services agreement with Sungrow to develop its Battery Energy Storage Systems (BESS). As a part of this agreement, CREC will procure 1.5 GWh of BESS from Sungrow to support its solar power projects. In May 2024, Masdar and Pertamina NRE inked an agreement to develop solar, wind, and green hydrogen projects in Indonesia and globally.
