November 16

Indonesia’s Pertamina to Invest $500 Million in Renewable Energy Fund

A renewables subsidiary recently set up by Indonesian state-owned energy company Pertamina will invest $500 million in an energy fund that is part of a collaboration with MDI Ventures, state-owned Telkom Indonesia’s venture capital arm.

Pertamina NRE last month signed an agreement with MDI Ventures to collaborate on the energy fund. Reza Pahlevy, the subsidiary’s human resources and business support director, said at the time that the fund would seek to speed up the transition from fuel energy to renewable energy and look to invest in startups related to low-carbon solutions, renewable energy and so-called future energy.

Pahala Mansury, Indonesia’s vice minister of state-owned enterprises, said the energy fund will invest over a five-year period. “We expect more investors to join,” Mansury told DealStreetAsia.

Photo courtesy of pisauikan.

Source: Nikkei Asia (link opens in a new window)

renewable energy, startups