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Indonesia's Pertamina to invest $500m in renewable energy fund

State-owned company looking to boost its clean energy portfolio

A sign seen at a Pertamina gas station in Jakarta. The Indonesian state-owned energy company has recently set up a renewables subsidiary.   © Reuters

JAKARTA -- 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.

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