Enviro News Asia, Jakarta — Pertamina New & Renewable Energy (Pertamina NRE) has officially been recorded as a shareholder of Citicore Renewable Energy Corporation (CREC), a leading renewable energy company in the Philippines, after acquiring a 20 percent equity stake listed on the Philippine Stock Exchange (PSE). The share ownership was formally registered on Tuesday, January 13, 2026.
The investment reflects Pertamina NRE’s strategic expansion in the Southeast Asian renewable energy market and strengthens its regional clean energy portfolio. Pertamina NRE completed the acquisition in June 2025 through a Share Subscription Agreement signed in Jakarta, with a total investment value of approximately USD 120 million.
The partnership aligns with broader regional cooperation efforts to accelerate clean energy development across ASEAN. CREC President and Chief Executive Officer Oliver Y. Tan stated that the collaboration enables both companies to leverage complementary expertise and operational experience in renewable energy technologies.
Tan emphasized that the partnership supports the energy transition agendas of both Indonesia and the Philippines while fostering sustainable growth across Southeast Asia through renewable energy deployment.
CREC currently manages a rapidly expanding solar power portfolio, with a gross installed capacity of 596 megawatt-peak (MWp) as of December 2025. The company aims to increase its total installed capacity to 5 gigawatts by 2029. These developments are expected to contribute to environmental sustainability and carbon emission reduction efforts in the region.
The strategic alliance is projected to generate broader synergies beyond financial returns, including joint renewable energy projects, technical capability enhancement, and technology transfer between the two companies in Indonesia and other Southeast Asian markets.
Acting Corporate Secretary of Pertamina NRE, Rika Gresia Wahyudi, stated that the equity participation forms part of the company’s long-term strategy to expand renewable energy capacity and strengthen regional collaboration.
She added that becoming a shareholder in a prominent Philippine renewable energy company demonstrates Pertamina NRE’s commitment to supporting clean energy development at both national and regional levels, while accelerating the ASEAN energy transition.
Representing Pertamina NRE on the CREC board, Director Eri Reksoprodjo expressed expectations that the investment would deliver not only financial value but also strategic learning opportunities and mutually beneficial cooperation, particularly in enhancing solar power plant performance in Indonesia.
Through this initiative, Pertamina NRE continues to reinforce its role as a key player in the renewable energy sector and supports Indonesia’s national energy transition agenda. Pertamina remains committed to achieving Net Zero Emissions by 2060 and advancing Sustainable Development Goals by integrating Environmental, Social, and Governance (ESG) principles across its business operations. (*)
