Citicore Renewable Energy Corporation (CREC), a leading Philippine renewable energy developer, and Indonesia State-Owned Pertamina New & Renewable Energy (Pertamina NRE) today announced the completion of their landmark share subscription agreement. The ceremonial signing, held in Jakarta, solidifies a strategic partnership poised to accelerate clean energy development in both the Philippines and Indonesia.
The agreement was signed by Mr. Oliver Tan, President and CEO of CREC, and Mr. John Anis, CEO of Pertamina NRE. The event was witnessed by Assistant Secretary Mylene Capongcol of the Philippine Department of Energy (DOE) and President Director Salyadi Saputra of Pertamina. Under the agreement, Pertamina NRE has subscribed to a 20% interest in CREC, an investment estimated at approximately US$120 million.
This collaboration extends beyond financial investment. CREC and Pertamina NRE will jointly explore renewable energy (RE) investments in Indonesia, including the potential development of solar and wind power projects. The partnership also encompasses collaboration on carbon credit development and trading, showcasing a comprehensive approach to regional energy transition.
“To be a First-World Philippines powered by pure renewable energy, we must seek every opportunity to collaborate with the government as well as peers in the industry and beyond our borders,” said Oliver Tan, CREC President and CEO. “With Pertamina NRE, we can view the energy transition through a different lens and create responsive, collaborative solutions for clean energy in the Philippines and Indonesia.”
John Anis, CEO of Pertamina NRE, emphasized the significance of the partnership for Indonesia’s renewable energy goals. “We are leading the charge in Indonesia’s renewable energy transition, and our partnership with Citicore, with their expertise and experience in RE development, is a way to elevate our capability in RE development, as well as a big step in accelerating our clean energy goals. In the same light, we are committed to supporting Citicore and the Philippines with our own expertise, technology, and best practices.”
CREC currently operates solar PV plants with a combined gross installed capacity of 287 megawatts (MW) and aims to deliver five gigawatts in five years, with the first phase expected to be completed by the end of this year. The company’s portfolio also includes onshore wind projects totaling 803 MW, with 543 MW in various stages of development and 362 MW specifically earmarked for delivery under the Philippine DOE’s Green Energy Auction (GEA) – 2.
DOE Assistant Secretary Mylene Capongcol highlighted the critical role of such partnerships in ensuring energy security for the Philippines. “The Philippines has never ceased to adapt to the challenges that go along with our growing economy. Addressing the need to ensure energy security at all times is our topmost priority. Today, we are embarking on our journey towards energy transition through reliable, sustainable, and environment-friendly policies and regulatory frameworks.”
Assistant Secretary Capongcol also underscored the partnership’s contribution to strengthening energy cooperation between the Philippines and Indonesia, referencing the 2024 Memorandum of Understanding (MOU) on Cooperation in the Field of Energy between the two nations. “The Philippines will not only be able to advance its targets, but it signals that we are in active support to energy cooperation and sustainable development in Southeast Asia,” she added.
This investment marks Pertamina NRE’s inaugural foray into the Philippine market, recognized by BloombergNEF as the second most attractive emerging market for renewable energy investments. Pertamina NRE gains access to CREC’s specialized expertise in project development, as well as engineering, procurement, and construction (EPC). Conversely, CREC gains a strategic avenue for potential regional expansion by developing renewable energy projects in Indonesia alongside Pertamina NRE.
