Citicore Renewable Energy Corporation (CREC) from the Philippines has agreed to a $120 million deal with Pertamina New & Renewable Energy (Pertamina NRE) from Indonesia.
Under the agreement, Pertamina NRE now owns 20% of CREC. This is Pertamina NRE’s first investment in a renewable energy company in the Philippines.
The two companies also agreed to work together on new renewable energy projects in Indonesia. These will focus on solar and wind power. They may also explore joint efforts in carbon credits.
CREC operates 287 megawatts (MW) of solar power across the Philippines. It has plans to grow its total renewable energy capacity to 5,000 MW in five years. Some new solar projects will begin operation by the end of this year.
The company is also developing wind energy. It has 803 MW of wind power projects, including 543 MW still in development. Around 362 MW of these projects will be delivered under the Philippine Department of Energy’s Green Energy Auction (GEA) program.
Aside from large plants, CREC is building small solar systems on rooftops. These are mainly for use in warehouses and factories. Each system is about 500 kilowatts to 1 MW. These projects are designed to help businesses reduce their energy costs using solar power.
In the future, the company may also expand its focus to hydro and biomass energy. Some early planning has started, but no new plants in those areas have been launched yet. Pertamina NRE is already active in solar and geothermal power in Indonesia. The company’s investment in CREC is a move to connect with other clean energy companies in Southeast Asia.
The deal between CREC and Pertamina NRE adds to the region’s efforts to grow clean energy, using both big and small projects.
