State-owned energy company subholding, PT Pertamina New & Renewable Energy (Pertamina NRE), has acquired a 20 percent stake in Citicore Renewable Energy Corporation (CREC), a leading renewable energy developer in the Philippines, through a share subscription agreement valued at US$120 million.
The deal, announced Thursday, June 19, 2025 at The Langham Hotel in Jakarta, marks Pertamina NRE’s largest international investment to date in the green energy sector and reflects its commitment to expanding Indonesia’s renewable energy footprint regionally.
“This strategic partnership is a milestone not only for Pertamina NRE and CREC, but also for Indonesia and the Philippines,” Pertamina NRE CEO John Anis told a press conference.
“It strengthens our green portfolio and opens pathways for knowledge and technology transfer to build our capabilities in clean energy,” he added.
Under the agreement, both companies will jointly explore solar (PLTS) and wind (PLTB) power development in Indonesia and collaborate on carbon credit generation and trading initiatives stemming from renewable energy projects.
The partnership is also expected to expedite the construction of solar panel manufacturing facilities capable of producing up to 1 megawatt peak (MWp) per day, as well as develop human capital specializing in green energy.
The move aligns with Indonesia’s ambition to generate 60 percent of its electricity from renewable sources by 2034, a goal supported by the government's investment arm, Danantara Indonesia, which praised the transaction.
“As the strategic manager of state assets, Danantara supports Pertamina's mandate to accelerate the energy transition and sustainable development,” Anis cited.
CREC, which is part of the larger Citicore Group, currently operates solar power plants with a combined installed capacity of 287 megawatts (MW). The company plans to scale this to 5 gigawatts (GW) within five years, with 1 GW expected by the end of this year.
“Our vision is to help the Philippines become a first-world economy powered entirely by renewable energy. To achieve this, we must seek partnerships both domestically and internationally. This alliance with Pertamina NRE is a step toward delivering clean, collaborative, and responsive energy solutions for both the Philippines and Indonesia,” Edgar Saveedra, Chairman of CREC, said.
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