PT Pertamina Power Indonesia has entered the Philippine R market through a strategic partnership with bilyonaryo Ed Saavedra’s Citicore Renewable Energy Corporation (CREC).
The agreement allows Pertamina NRE to acquire a 20% equity stake in CREC, equivalent to 2.23 billion shares at ₱3.00 per share, amounting to ₱ 6.7bn. This marks Pertamina NRE’s first investment in the Philippines, underscoring its commitment to expanding its presence in Southeast Asia’s renewable energy sector.
The collaboration connects Pertamina NRE with CREC’s expertise in renewable energy project development and engineering, procurement, and construction (EPC) services. It also opens the door for CREC to explore renewable energy ventures in Indonesia, aligning with its regional growth strategy.
Proceeds from the deal will fund CREC’s renewable energy initiatives, targeting the addition of 1 gigawatt (GW) of green energy annually as part of its “5GW in 5 years” roadmap.
Southeast Asia, a key driver of global renewable energy demand, provides a fertile ground for both companies to strengthen their sustainability efforts.
The Philippines has emerged as the second most attractive emerging market for renewable energy investment.
Pertamina NRE’s investment reflects confidence in the country’s regulatory environment and growth potential.
AlphaPrimus served as CREC’s financial adviser for the transaction, which reinforces the growing collaboration between Southeast Asian nations in renewable energy.
