(May 6, 2025)--PEFINDO has assigned its idAAA rating with stable outlook to PT Pertamina Power Indonesia (Pertamina NRE). The rating is mainly driven by the very strong likelihood of support from PT Pertamina (Persero) as the parent company. The standalone credit profile reflects the Company's very strong market and secure revenue stream with stable profit margins, but it is constrained by risk related to new power projects and exposure to geological risk.
The rating may be lowered if we view that there is a strong indication of weakening support from the Parent. Any change in the Parent’s rating may also result in a similar rating action to Pertamina NRE.
Pertamina NRE is a sub-holding company under Pertamina focused on new and renewable energy. The Company’s portfolio varies from a geothermal power producer with an installed capacity of 727 Megawatts (MW) (own operation) to a gas-to-power project with 1,760 MW installed capacity under a joint venture company and around 54 MWp solar photovoltaics (PV). As of December 31, 2024, its shareholders consisted of PT Pertamina (Persero) with 99.999% and PT Pertamina Pedeve Indonesia with 0.001%. (ends)
