Pertamina To Buy 20% Stake In Philippine Tycoon Edgar Saavedra's Renewable Energy Venture For $118 Million
PT Pertamina will acquire 20% of tycoon Edgar Saavedra's Citicore Renewable Energy Corp. for 6.7 billion pesos ($118 million), providing the Philippine company with funds for expansion.
PT Pertamina Power, a unit of the Indonesian state-owned oil and gas company, has agreed to buy about 2.2 billion new Citicore Renewable shares at 3 pesos each, the Manila-based company said in a Philippine Stock Exchange filing. Pertamina will get a board seat in the company, it said.
'The proceeds from the agreement will contribute to the development of the company's pipeline of renewable energy projects nationwide,' Citicore Renewable Energy said.
Citicore Renewable Energy, which Saavedra took public a year ago in a 5.6 billion peso IPO, is among several Philippine companies that are aggressively building capacity in renewables amid the nation's push to clean energy and expectations economic growth will accelerate. Its five-year commitment to deliver 5 gigawatts of solar capacity would cost 180 billion pesos in investments, Saavedra has said.
With Pertamina Power as a shareholder, Citicore Renewable Energy said it will have the opportunity to develop renewable energy projects in Indonesia and other parts of Southeast Asia. Pertamina Power, on the one hand, gets access to Citicore Renewable Energy's expertise in project development, as well as engineering, procurement and construction, it said.
To comply with the PSE's 20% minimum public float requirement, majority owner Citicore Power will sell 346.3 million shares to the public, according to the stock exchange filing. The sale will reduce Citicore Power's stake in Citicore Renewable Energy to 59.9% from 78.8% and will be done before the transaction with Pertamina Energy is completed, it said.
A civil engineer, Saavedra built his wealth on Megawide, a construction and engineering firm that he co-founded. With interests in property development and transportation, Saavedra had a $270 million net worth when Forbes Asia published the list of the Philippines 50 Richest in August.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
E&E News
2 hours ago
- E&E News
Vineyard Wind critics appeal approval to Interior
On the heels of a setback at the Supreme Court, fishing groups have filed an administrative appeal of a wind project off the coast of Massachusetts. A coalition led by Seafreeze Shoreside asked in a petition Tuesday for regulators at the Interior Department to scrutinize the 'rushed' approval of Vineyard Wind 1 under former President Joe Biden. The fishing groups also sought to halt construction and potentially have the project ordered dismantled. Vineyard Wind is one of several offshore wind projects approved during the Biden administration now under construction. Since President Donald Trump took office in January, his administration has frequently sought to thwart or impede wind projects. Advertisement The 62-turbine project south of Martha's Vineyard and Nantucket is expected to produce 806 megawatts of electricity to power around 400,000 homes, according to its developers. Iberdrola, the Spanish electricity behemoth and a co-owner of Vineyard Wind, said in July that 17 turbines were already sending electricity to the New England grid.
Yahoo
5 hours ago
- Yahoo
Robinhood Wants to Serve More Than Just Retail Customers, CEO Tenev Says
Robinhood Markets Inc. wants to go global and serve more than just retail customers, says CEO Vlad Tenev. Second-quarter earnings beat estimates and the company is now worth more than Intel. Tenev talks about that and expansion plans on "Bloomberg Open Interest." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 hours ago
- Yahoo
Rosenblatt reiterates Buy rating on MARA, sees 20% upside
MARA shares ticked up for most of the trading session after Rosenblatt Securities reiterated a Buy rating and maintained a $20 price target following stronger-than-expected Q2 results, driven by a 30% rise in bitcoin's price and expanded non-GAAP gross margins. Rosenblatt highlighted record revenues of $238.5 million—6% above its estimate—driven by a realized price per BTC of $100,700 versus its $94,900 forecast. Non-GAAP gross margin expanded to 44.2% from 38.5% in the prior quarter, topping the firm's 43.9% estimate. Although elevated hash costs of $30,300 per coin offset some of the Bitcoin upside, Rosenblatt expects mining costs to improve in H2 thanks to newly commissioned low-cost sites and improving fleet efficiency. Rosenblatt believes ongoing global expansion initiatives should drive further margin gains as international hosting agreements complement the company's U.S. footprint. MARA also restated its year-end hashrate target of 75 EH/s, indicating increased revenue capacity. MARA's bitcoin reserves, now exceeding 50,000 BTC and valued at nearly $6 billion, underpin Rosenblatt's valuation framework. Although peers trade at roughly 10x EBITDA, Rosenblatt applied a 16x multiple to MARA's 2026 adjusted EBITDA estimate, citing the bitcoin reserve as justification. This creates a $20 price target, implying 20.8% upside from the $16.55 closing price on July 30. At time of publication, MARA is up 0.9% during pre-market hours.
