Jakarta, June 19 -- Pertamina New & Renewable Energy (Pertamina NRE), through Daya Anagata Nusantara Investment Management Agency (Danantara Indonesia), has invested US$120 million (around Rp1.95 trillion) in solar power plant (PLTS) development in the Philippines.

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 efficien...