The investment was marked by the signing of a share subscription agreement in Jakarta on Thursday. The agreement gives Pertamina NRE a 20-percent stake in Citicore Renewable Energy Corporation (CREC), a renewable energy developer from the Philippines.
Pertamina NRE CEO John Anis said in Jakarta on Thursday that the partnership for developing solar power plants in the Philippines would be interesting since Indonesia has experience in the sector, especially in building efficient solar panels.
Pertamina NRE’s investment in the Philippines is the first foreign investment for Danantara Indonesia, which is currently managing the sub-holding’s assets.
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Anis informed that the investment is in line with the direction of President Prabowo, who has asked state-owned enterprises (BUMN) to create value through their assets.
“This is interesting for Danantara because it fits the economic criteria requested by the President. The return on investment is good, profitability is good, and in terms of human resource development, too,” he said.
For Indonesia, the collaboration provides strategic investment benefits, including in the development of human resources for the construction of PLTS in Indonesia, and demonstrates Indonesia’s commitment to reducing carbon emissions.
The cooperation is also expected to motivate the Philippines to invest in the development of new and renewable energy-based power plants in Indonesia in the future.
“In the future, we (will) ask the Philippines to also invest in Indonesia. This is reciprocal. Later, we can jointly develop the potential that exists in Indonesia,” Anis said.
The Citicore Group currently operates several solar power plants with a total installed capacity of 287 megawatts (MW). It is targeting to increase this capacity to 5 gigawatts (GW) in five years, starting with 1 GW this year.
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Translator: Putu Indah Savitri, Cindy Frishanti Octavia
Editor: Rahmad Nasution
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