Pertamina Partners With Citicore Renewable

Indonesian State-Owned Enterprise Subsidiary PT Pertamina Power Indonesia (Pertamina New & Renewable Energy, or simply Pertamina NRE) has ventured into the Philippines through a strategic partnership with Philippine renewable energy company Citicore Renewable Energy Corporation (CREC).

The partnership is formalized through a landmark share subscription agreement. I Photo: Citicore Renewable Energy Corporation Facebook

The partnership is formalized through a landmark share subscription agreement.

Pertamina NRE will acquire a 20% interest in CREC, equivalent to 2,232,143,036 common shares, at ₱3.00 per share, raising an estimated ₱6,696,429,108.00 or approximately USD 115 million.

This partnership marks Pertamina NRE’s first investment in the Philippines, capitalizing on the country's booming renewable energy market. The Philippines is now ranked as the second most attractive emerging market for renewable energy investment, according to BloombergNEF.

Through this agreement, Pertamina NRE gains access to CREC’s expertise in project development and engineering, procurement, and construction (EPC).

Meanwhile, CREC will have the opportunity to collaborate with Pertamina NRE on renewable energy projects in Indonesia, paving the way for potential regional expansion.

“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 Oliver Tan, President and CEO of CREC.

Proceeds from the agreement will contribute to the development of CREC’s pipeline of renewable energy projects nationwide, supporting its goal of achieving 1 gigawatt (GW) of green energy capacity annually as part of its “5GW in 5 Years” roadmap.

As Southeast Asia continues to drive global demand growth for renewable energy, the strategic partnership between CREC and Pertamina NRE is expected to accelerate renewable energy goals at both national and regional levels. AlphaPrimus served as the financial adviser to CREC for this transaction.