(Reuters) – Philippines-based Citicore Renewable Energy on Friday said Indonesian state-owned oil firm Pertamina will buy a 20% stake in the pure-play renewable energy company for 6.70 billion pesos ($114.8 million).
PT Pertamina Power Indonesia, a subsidiary of Pertamina, will subscribe for 2.23 billion shares in Citicore for 3 pesos per share under the agreement.
Citicore, one of the Philippines’ biggest solar power producers, said the deal will help it develop renewable energy projects in Indonesia and expand its presence in the Southeast Asia region, as it aims to contribute about 1 gigawatt (GW) green energy capacity per year.
The funds from the subscription agreement will help the company develop its pipeline of domestic green energy projects, it added.
($1 = 58.3400 Philippine pesos)
(Reporting by Nichiket Sunil in Bengaluru; Editing by Sumana Nandy)
