Citicore Renewable Energy Corp. (CREC) announced a $120 million strategic partnership with Indonesia’s Pertamina New & Renewable Energy (NRE) on Thursday. This agreement includes a share subscription and a commitment to explore renewable energy investments in Indonesia.
As part of the arrangement, Pertamina NRE will acquire a 20% stake in CREC. The partnership aims to develop solar and wind power projects in Indonesia, along with initiatives related to carbon credit development and trading. This collaboration is expected to leverage both companies’ strengths in renewable energy development.
CREC manages a diverse portfolio of renewable energy generation projects through its subsidiaries and joint ventures. The firm is actively involved in power project development and retail electricity supply.
Pertamina NRE is a subsidiary of Indonesia’s state-owned Pertamina, focusing on managing power generation and renewable energy projects, particularly in gas-based power generation, geothermal energy, and other renewable sources like solar and wind.
John Anis, CEO of Pertamina NRE, commented on the partnership, emphasizing its role in advancing Indonesia’s renewable energy transition. He noted, ‘Our collaboration with Citicore, which has substantial experience in renewable energy development, will strengthen our capabilities in energy development and support our clean energy objectives.’ He also pledged to assist Citicore with expertise, technology, and best practices from Indonesia.
This agreement marks a significant investment in renewable energy in Indonesia, which has been working towards enhancing its energy mix with cleaner sources. The partnership is expected to accelerate the implementation of renewable energy projects in the country, contributing to both economic growth and sustainability goals.
