Renewable energy firm Citicore inks $120-M deal with Indonesia’s Pertamina NRE

Citicore Renewable Energy Corp. (CREC) on Thursday said inked a $120-million strategic partnership agreement with Indonesia’s state-owned Pertamina New & Renewable Energy (NRE), which includes a share subscription and a joint exploration of renewable energy (RE) investments in Indonesia.

Under the agreement, Pertamina NRE will subscribe to a 20% interest in CREC, and the two parties will explore RE investments in Indonesia including the potential development of solar and wind power projects, and collaboration related to carbon credit development and trading.

“With Pertamina NRE, we can view the energy transition through a different lens and create responsive, collaborative solutions for clean energy in the Philippines and Indonesia,” CREC president and chief executive officer Oliver Tan said.

CREC, through its subsidiaries and joint ventures, manages a diversified portfolio of renewable energy generation projects, and is engaged in power project development operations, along with participating in retail electricity supply.

Pertima NRE, fully owned by Indonesia’s state-owned energy corporation Pertamina, is responsible for managing all power generation and new and renewable energy development, focusing on gas-based power generation, geothermal energy, and other renewable sources such as solar and wind power.

“We are leading the charge in Indonesia’s renewable energy transition, and our partnership with Citicore, with their expertise and experience in RE development, is a way to elevate our capability in RE development, as well as a big step in accelerating our clean energy goals,” Pertamina NRE chief executive officer John Anis said.

“In the same light, we are committed to support Citicore and the Philippines with our own expertise, technology, and best practices,” he added. — Jon Viktor D. Cabuenas/BM, GMA Integrated News