Citicore Renewable Energy Corporation (CREC), a leading Philippine renewable energy developer, has finalized a landmark USD 120 million (approximately PHP 6.7 billion) strategic partnership with PT Pertamina New & Renewable Energy (Pertamina NRE), a subsidiary of Indonesia’s state-owned energy giant, Pertamina. The agreement, announced in January and signed on June 19, 2025, in Jakarta, Indonesia, marks a significant step in advancing clean energy goals for both nations and strengthening energy cooperation in Southeast Asia.

The ceremonial signing was led by CREC President and CEO Oliver Tan and Pertamina NRE Director of Strategy & Business Development Fadli Rahman, with witnesses including DOE Assistant Secretary Mylene Capongcol and Pertamina’s Acting President Director Salyadi Saputra. 

Under the subscription agreement, Pertamina NRE acquires a 20% stake in CREC, subscribing to 2.23 billion common shares at P3.00 each, fully paid in cash, with a par value of P0.07 per share and P2.93 per share as additional paid-in capital, totaling PHP 6.69 billion.

This partnership enables CREC to expand its renewable energy portfolio, including solar, wind, and geothermal projects, while tapping into Pertamina NRE’s expertise in gas-based power, geothermal, and green businesses such as carbon credit development and trading. The collaboration also opens opportunities for joint renewable energy investments in Indonesia, particularly in solar and wind power projects.

“To be a First-World Philippines powered by pure renewable energy, we must seek every opportunity to collaborate with the government as well as peers in the industry and beyond our borders,” said CREC President and CEO Oliver Tan. “With Pertamina NRE, we can view the energy transition through a different lens and create responsive, collaborative solutions for clean energy in the Philippines and Indonesia.”

Pertamina NRE CEO John Anis emphasized the partnership’s role in accelerating Indonesia’s clean energy transition: “We are leading the charge in Indonesia’s renewable energy transition, and our partnership with Citicore, with their expertise and experience in RE development, is a way to elevate our capability in RE development, as well as a big step in accelerating our clean energy goals.”

CREC currently operates solar PV plants with a combined gross installed capacity of 287 megawatts (MW) and has a target to deliver five gigawatts within five years, starting this year. Its portfolio includes 803 MW of onshore wind projects, with 543 MW in development, including 362 MW allocated under the Philippine DOE’s Green Energy Auction (GEA)-2. The partnership enhances CREC’s capacity to harness the Philippines’ untapped geothermal potential, estimated at 2,000 MW by the Department of Energy, aligning with Pertamina NRE’s expertise in geothermal energy.

DOE Assistant Secretary Mylene Capongcol highlighted the partnership’s broader significance: “The Philippines will not only be able to advance its targets, but it signals that we are in active support to energy cooperation and sustainable development in Southeast Asia.” This collaboration builds on a 2024 Memorandum of Understanding (MOU) between the Philippines and Indonesia, fostering joint efforts in energy investments and renewable energy development.

Pertamina NRE’s investment marks its first entry into the Philippines’ renewable energy market, ranked by BloombergNEF as the second most attractive emerging market for renewable energy investments. CREC gains access to Pertamina NRE’s technology and best practices, while Pertamina NRE benefits from CREC’s expertise in project development and engineering, procurement, and construction (EPC).

How will this partnership shape the renewable energy landscape in the Philippines and Indonesia? Share your thoughts and join the discussion on the future of clean energy in the region!

Follow Power Philippines on Facebook and LinkedIn or join our Viber community to stay up to date on the latest energy news.