Pertamina to acquire a 20% stake in Citicore Renewables for $115m.

Pertamina, an Indonesian state-owned oil firm, agreed to acquire a 20% stake in Citicore Renewables, a Philippine pure-play renewable energy company, for $115m. “The partnership with Pertamina NRE presents limitless opportunities for Indonesia and the Philippines to collaborate on innovative technologies and practices in renewable energy. It gives a wider stage to CREC’s unique end-to-end capabilities by opening doors in Indonesia even as we drive our developments in the Philippines at full speed,” Oliver Tan, CREC President and CEO.