Jakarta – PT Pertamina New & Renewable Energy (Pertamina NRE) has invested USD 120 million in Citicore Renewable Energy Corporation (CREC), a renewable energy company based in the Philippines. The share subscription agreement was signed on Thursday, 19 June, in Jakarta.
Through this agreement, Pertamina NRE holds a 20 per cent stake in Citicore, as part of its regional expansion strategy and strengthening of its green energy portfolio.
“This is not just a partnership between two companies, but a symbol of collaboration between two countries in addressing the energy challenges of the future. This investment strengthens our position in renewable energy while opening up space for technology and human resource capacity development,” said John Anis, CEO of Pertamina NRE, in a press conference after the signing.
Citicore currently operates 287 Megawatts (MW) of installed photovoltaic power generation (PLTS) capacity and targets expansion to 5 Gigawatts (GW) within the next five years. This year, 1 GW of projects is planned to be completed. Beyond solar, the company is also developing wind power projects with a total capacity of 803 MW, of which 543 MW is already under development.
“To make the Philippines an advanced renewable energy-based economy, we believe cross-country collaboration is key. Pertamina is the right partner for this mission,” said Edgar Saavedra, Chairman of CREC.
Strategic impact for Indonesia: Solar panel industry and carbon credits
This investment is expected to provide long-term benefits for Indonesia, including the construction of a solar panel factory with a capacity of 1 GWp per day, the creation of green jobs and increasing TKDN, strengthening the clean energy supply chain, contributing to the renewable energy mix target of 60% by 2034 (in the electricity supply plan/RUPTL), and developing carbon markets through green projects.
As a follow-up, the two companies also signed a framework agreement to explore the potential development of solar power plants and wind farms in Indonesia, as well as carbon credit trading projects from renewable energy.
The signing was also witnessed by high-ranking officials from both countries, including Salyadi Saputra, Acting President Director of Pertamina, and Mylene Capongcol, Deputy Minister of Energy of the Philippines. Capongcol called the partnership an important milestone in strengthening ASEAN regional energy cooperation.
“This collaboration is not only about achieving national clean energy targets, but also strengthening regional solidarity. The Philippines is committed to supporting cross-border energy transition cooperation,” she said.
This cooperation is a continuation of the energy memorandum of understanding between Indonesia and the Philippines signed in January 2024, and reflects ASEAN’s policy direction to accelerate the energy transition through cross-border investment. (Hartatik)
Banner photo: Pertamina New & Renewable Energy (Pertamina NRE) and Citicore Renewable Energy Corporation (CREC), a Philippine renewable energy company, signed a USD120 million share subscription agreement on Thursday (19/6). (Source: Pertamina NRE)
