PT Pertamina Power Indonesia, through its green energy division, has announced plans to acquire a 20 per cent stake in Citicore Renewable Energy Corporation (CREC) to establish a foothold in the Philippine renewable energy sector. The investment involves subscribing to 2.23 billion CREC common shares at PHP3 per share, amounting to a total deal value of PHP6.7 billion. The proceeds will fund CREC’s goal of adding 1 GW of renewable energy capacity annually over the next five years.
This partnership offers mutual benefits, with Pertamina leveraging CREC’s expertise in project development and EPC services, while CREC gains opportunities to expand into Indonesia and other regional markets.