Renewable energy firm Citicore inks $120-M deal with Indonesia's Pertamina NRE
Citicore Renewable Energy Corp. (CREC) on Thursday said inked a $120-million strategic partnership agreement with Indonesia's state-owned Pertamina New & Renewable Energy (NRE), which includes a share subscription and a joint exploration of renewable energy (RE) investments in Indonesia.
Under the agreement, Pertamina NRE will subscribe to a 20% interest in CREC, and the two parties will explore RE investments in Indonesia including the potential development of solar and wind power projects, and collaboration related to carbon credit development and trading.
'With Pertamina NRE, we can view the energy transition through a different lens and create responsive, collaborative solutions for clean energy in the Philippines and Indonesia,' CREC president and chief executive officer Oliver Tan said.
CREC, through its subsidiaries and joint ventures, manages a diversified portfolio of renewable energy generation projects, and is engaged in power project development operations, along with participating in retail electricity supply.
Pertima NRE, fully owned by Indonesia's state-owned energy corporation Pertamina, is responsible for managing all power generation and new and renewable energy development, focusing on gas-based power generation, geothermal energy, and other renewable sources such as solar and wind power.
'We are leading the charge in Indonesia's renewable energy transition, and our partnership with Citicore, with their expertise and experience in RE development, is a way to elevate our capability in RE development, as well as a big step in accelerating our clean energy goals,' Pertamina NRE chief executive officer John Anis said.
'In the same light, we are committed to support Citicore and the Philippines with our own expertise, technology, and best practices,' he added. — Jon Viktor D. Cabuenas/BM, GMA Integrated News
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
GMA Network
15 hours ago
- GMA Network
Trump announces Indonesia ‘deal' after tariff threats
WASHINGTON — US President Donald Trump said Tuesday that he had struck a deal with Indonesia—without providing specifics of the agreement—a week after threatening steeper tariffs on the Southeast Asian country. "Great deal, for everybody, just made with Indonesia," Trump wrote on his Truth Social platform, saying that he worked with the country's president directly. "DETAILS TO FOLLOW!!!" The Trump administration has been under pressure to finalize trade pacts after promising a flurry of deals, as countries have sought negotiations with Washington to avoid Trump's tariff threats. But the US president has so far only unveiled deals with Britain and Vietnam, alongside an agreement to temporarily lower tit-for-tat levies with China. Last week, Trump renewed his threat of a 32-percent levy on Indonesian goods, saying in a letter to the country's leadership that this level would take effect August 1. It remains unclear what Indonesia's new tariff level will be under the latest deal with Washington, Indonesia's former vice minister for foreign affairs Dino Patti Djalal told a Foreign Policy event Tuesday. But he added that insiders from the Indonesian government indicated they were happy with the new deal, adding that he expected further information in the coming hours. Trump in April imposed a 10-percent tariff on almost all trading partners, while announcing plans to eventually hike this level for dozens of economies, including the European Union and Indonesia. But days before the steeper duties were due to take effect, he pushed the deadline back from July 9 to August 1. This marked his second postponement of the elevated levies. Instead, since the start of last week, Trump began sending out letters to partners, setting out the tariff levels they would face come August. The levy he cited to Indonesia last week was unchanged from the figure he first unveiled in April. To date, Trump has sent more than 20 such letters to partners including the EU, Japan, South Korea and Malaysia. Canada and Mexico, both countries that were not originally targeted in Trump's "reciprocal" tariff push, also received similar documents outlining updated tariffs for their products. But existing exemptions covering goods entering the United States under a North American trade pact are expected to remain in place. Analysts have warned that without trade agreements, Americans could conclude that Trump's strategy to reshape US trading ties with the world has not worked. "In the public's mind, the tariffs are the pain, and the agreements will be the gain. If there are no agreements, people will conclude his strategy was flawed," William Reinsch, senior adviser at the Center for Strategic and International Studies, previously told AFP. — Agence France-Presse
GMA Network
02-07-2025
- GMA Network
Saudi Arabia, Indonesia sign several deals worth around $27 billion —state news agency
CAIRO —Saudi Arabia and Indonesia signed several deals and memos of understanding worth around $27 billion between private sector institutions in several fields including clean energy and petrochemicals, the Saudi state news agency SPA reported on Wednesday. Indonesian President Prabowo Subianto visited the Gulf kingdom on Wednesday and met Saudi Crown Prince Mohammed bin Salman. The two sides also agreed to bolster cooperation in the supply of crude oil and its derivatives, improve supply chains and their sustainability in the energy field and strengthen cooperation in the field of mineral resources, the Saudi state news agency said. Trade between the two countries amounted to around $31.5 billion in the last five years, according to SPA. —Reuters
GMA Network
19-06-2025
- GMA Network
Renewable energy firm Citicore inks $120-M deal with Indonesia's Pertamina NRE
Pertamina executives flank Indonesian Ambassador to the Philippines Agus Widjojo (fifth from left) in Jakarta on June 19, 2025. Photo: CREC Citicore Renewable Energy Corp. (CREC) on Thursday said inked a $120-million strategic partnership agreement with Indonesia's state-owned Pertamina New & Renewable Energy (NRE), which includes a share subscription and a joint exploration of renewable energy (RE) investments in Indonesia. Under the agreement, Pertamina NRE will subscribe to a 20% interest in CREC, and the two parties will explore RE investments in Indonesia including the potential development of solar and wind power projects, and collaboration related to carbon credit development and trading. 'With Pertamina NRE, we can view the energy transition through a different lens and create responsive, collaborative solutions for clean energy in the Philippines and Indonesia,' CREC president and chief executive officer Oliver Tan said. CREC, through its subsidiaries and joint ventures, manages a diversified portfolio of renewable energy generation projects, and is engaged in power project development operations, along with participating in retail electricity supply. Pertima NRE, fully owned by Indonesia's state-owned energy corporation Pertamina, is responsible for managing all power generation and new and renewable energy development, focusing on gas-based power generation, geothermal energy, and other renewable sources such as solar and wind power. 'We are leading the charge in Indonesia's renewable energy transition, and our partnership with Citicore, with their expertise and experience in RE development, is a way to elevate our capability in RE development, as well as a big step in accelerating our clean energy goals,' Pertamina NRE chief executive officer John Anis said. 'In the same light, we are committed to support Citicore and the Philippines with our own expertise, technology, and best practices,' he added. — Jon Viktor D. Cabuenas/BM, GMA Integrated News
