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Indonesian renewable energy firm PT Pertamina Power Indonesia and Citicore Renewable Energy Corporation (CREC) have signed a Php 6.7 billion landmark deal, marking Pertamina’s entry into the Philippine
Indonesian renewable energy firm PT Pertamina Power Indonesia and Citicore Renewable Energy Corporation (CREC) have signed a Php 6.7 billion landmark deal, marking Pertamina’s entry into the Philippine clean energy sector and CREC’s potential regional expansion.
This investment would benefit the Filipino people by accelerating the country’s transition to renewable energy, ensuring a more sustainable future, and promoting energy security.
“The partnership with Pertamina NRE presents limitless opportunities for Indonesia and the Philippines to collaborate on innovative technologies and practices in renewable energy. It gives a wider stage to CREC’s unique end-to-end capabilities by opening doors in Indonesia even as we drive our developments in the Philippines at full speed,” said CREC President and CEO Oliver Tan.
The agreement would guarantee Pertamina NRE acquiring a 20% stake in CREC, equivalent to over 2.2 billion shares at Php 3.00 per share, amounting to around Php 6.7 billion (USD 115 million).
The partnership with CREC marked Pertamina NRE’s initial investment in the Philippines and their entry into the country’s booming renewable energy investment climate, now ranked as the second most attractive emerging market for renewable energy investment by BloombergNEF.
Pertamina NRE would also gain access to CREC’s unique expertise in project development, and engineering, procurement and construction, or EPC. CREC, meanwhile, gains the opportunity to partner with Pertamina NRE to develop renewable energy projects in Indonesia.
Funds raised through the partnership will support CREC’s ambitious “5GW in 5 Years” roadmap, which targets adding one gigawatt (GW) of green energy capacity annually. These projects will help meet the energy demands of Filipino communities while reducing dependence on fossil fuels.
The strategic alliance also aligns with Southeast Asia’s growing role in driving renewable energy demand, advancing both nations’ sustainability goals and fostering regional collaboration.
As the Philippines moves toward cleaner and more affordable energy, partnerships like this underscore the importance of supporting renewable initiatives that uplift communities and protect the environment.
