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

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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…

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CREC and Sungrow sign agreement for 1.5 GWh BESS supply

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Citicore Renewable Energy Corporation (CREC) has signed a supply and services agreement with Sungrow for the development of Battery Energy Storage Systems (BESS) to support its solar power projects. Under the agreement, CREC will procure 1.5 GWh of BESS from Sungrow. Sungrow will also assist with the engineering and construction design of the BESS to optimize integration with CREC’s solar facilities. The Power Titan series from Sungrow will be utilized for this project, offering benefits…