Indonesian state-owned firm Pertamina’s new renewable energy subsidiary, Pertamina NRE, will be investing $500 million in an energy fund set up in collaboration with state-owned Telkom Indonesia’s venture capital arm, MDI Ventures.
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.