Pertamina NRE acquires 20% stake in CREC for $115 million

Pertamina New & Renewable Energy (Pertamina NRE), a subsidiary of an Indonesian State-Owned Enterprise, has signed a share subscription agreement with Citicore Renewable Energy Corporation (CREC). 

Pertamina NRE will acquire a 20% stake in CREC by subscribing to 2,232,143,036 common shares at PhP 3.00 per share, amounting to approximately $115 million.

This partnership gives Pertamina NRE access to CREC’s expertise in engineering, procurement, and construction (EPC) while supporting CREC’s regional expansion and its goal to contribute 1 GW of green energy capacity annually as part of its 5 GW in 5 years roadmap.