JAKARTA - PT Pertamina (Persero) is rumored to be acquiring 20 percent of the shares of the Philippine company, Citicore Renewable Energy (CREC.PS).
Quoted from Reuters, Pertamina will buy 20 percent of the shares in the pure renewable energy company for 6.70 billion pesos or 114.8 million US dollars.
"PT Pertamina Power Indonesia, a subsidiary of PT. Pertamina, will order 2.23 billion shares in Citicore for 3 pesos per share under the agreement," Citicore wrote.
Just so you know, Citicore is the largest solar power producer in the Philippines.
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The management of Citicore emphasized that the agreement will help develop renewable energy projects in Indonesia and expand the company's reach in the Southeast Asia region with a plan to contribute 1 gigawatt (GW) of green energy capacity per year.
"The funds from the ordering agreement will help the company develop its domestic green energy project network," said Citicore.
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