Pertamina NRE Officially Acquires 20 Percent Shares Of EBT Company From The Philippines Worth 120 Million US Dollars
JAKARTA - Pertamina New & Renewable Energy (Pertamina NRE) and a renewable energy company from the Philippines, Citicore Renewable Energy Corporation (CREC) signed a share subscription agreement or a new share acquisition agreement worth 120 million US dollars today, Thursday, June 19.
This strategic collaboration marks Pertamina NRE's ownership of 20 percent of CREC shares.
The agreement was signed by Pertamina NRE CEO John Anis and CREC CEO Oliver Tan, and witnessed by PTH President Director of Pertamina Salyadi Saputra.
This strategic partnership is a milestone not only for Pertamina NRE and CREC but also for Indonesia and the Philippines. For Pertamina NRE, this collaboration will increase the green energy portfolio as well as exchange knowledge and technology to increase capabilities in green energy development. And for Indonesia, this collaboration will open up wider opportunities for both investments to accelerate the development of renewable energy in accordance with Asta Cita Pemerintah," said Pertamina NRE CEO John Anis, Thursday, June 19.
He added that this strategic cooperation not only creates business value for both companies but also added value for the two countries.
Especially for Indonesia, this collaboration provides strategic investment benefits, namely, the development of human resources related to PLTS Development in Indonesia; implementation of the acceleration of the construction of solar panels up to 1 megawatt peak (MWp) per day; support the achievement of the target of renewable energy-based electricity generation by 60 percent in 2034 as stated in the general plan for the supply of electricity (RUPTL).
Furthermore, the absorption of the domestic component level (TKDN) increases Indonesia's image and competitiveness as one of the leaders of the clean energy transition in Southeast Asia; and shows Indonesia's commitment to reducing carbon emissions.
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CREC Chairman Edgar Saavedra said, in order to realize the vision of making the Philippines part of the World economy. First, which uses renewable energy completely, his party feels the need to look for collaboration opportunities both with the government and with other companies in the renewable energy industry both at home and abroad.
"Together with Pertamina NRE, we will create a clean energy solution that is responsive and collaborative to the Philippines and Indonesia," said Edgar.
The Citicore Group currently operates PLTS with a total installed capacity of 287 megawatts (MW).
He has a target of reaching 5 GW in 5 years, with 1 MW to be achieved this year.
In addition, the CREC portfolio includes an wind power plant (PLTB) project with a total capacity of 803 MW. Four of these projects, reaching 543 MW, are in the development stage.