The Philippines’ Citicore Renewable Energy Corporation (CREC) and Indonesia’s Pertamina New & Renewable Energy (Pertamina NRE) have signed a USD120 million share subscription agreement, marking Pertamina’s first renewable energy investment in the Philippines.
Under the deal, Pertamina NRE acquires a 20 per cent equity stake in CREC. Both firms also plan to jointly develop renewable energy projects in Indonesia, particularly in solar and wind, and collaborate on carbon credit initiatives.
CREC currently operates 287 MW of solar PV and has over 800 MW of onshore wind projects in the pipeline, including 362 MW slated for the Philippine Department of Energy’s Green Energy Auction 2. The partnership aims to accelerate clean energy growth across Southeast Asia and strengthen regional cooperation in the energy transition.
