CITICORE Renewable Energy Corp. (CREC) on Friday said that Indonesia's PT Pertamina Power Indonesia (Pertamina NRE) would be subscribing to a 20-percent stake in the firm for about P6.7 billion (approximately $115 million).
CITICORE Renewable Energy Corp. on Friday said that Indonesia's PT Pertamina Power Indonesia would be subscribing to a 20-percent stake in the firm for about P6.7 billion .In a disclosure to the Philippine Stock Exchange , CREC said Pertamina NRE would be purchsing more than 2.2 billion common shares at P3.00 each for an estimated total value of P6,696,429,108 .
The RE firm said the deal marked Pertamina NRE's first investment in the Philippines amid the country's booming renewable energy investment climate.It added that the partnership was expected to help Pertamina NRE gain access to CREC's expertise in project development as well as in engineering, procurement and construction and also open opportunities to develop RE projects in Indonesia, enabling a potential expansion in the region.
Unit To Buy Into Citicore Renewable
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