Citicore Renewable Energy Corp. (CREC) and Indonesia’s state-owned Pertamina New & Renewable Energy (Pertamina NRE) on Thursday announced they completed a landmark $120 million share subscription agreement.
Under the deal, signed June 19, 2025, in Jakarta, Indonesia, Pertamina NRE subscribed to a 20 percent interest in CREC.
The two companies will also jointly explore renewable energy (RE) investments in Indonesia, including the potential development of solar and wind power projects and collaboration related to carbon credit development and trading.
CREC president and chief executive Oliver Tan and Pertamina NRE chief executive John Anis signed the agreement.
“To be a First-World Philippines powered by pure renewable energy, we must seek every opportunity to collaborate with government as well as peers in the industry and beyond our borders,” Tan said.
“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.”
In a separate disclosure, CREC stated it will sell 346,339,036 common shares to the public to ensure compliance with the Philippine Stock Exchange’s minimum public float of 20 percent, while Pertamina NRE endeavors to secure its government’s approval.
“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,” Anis said.
“In the same light, we are committed to support Citicore and the Philippines with our own expertise, technology, and best practices.”
The partnership marks Pertamina NRE’s first investment in the Philippines and its entry into the country’s booming renewable energy investment climate.
The Philippines is now ranked the second most attractive emerging market for renewable energy investments by BloombergNEF.
Department of Energy Assistant Secretary Mylene Capongcol and Pertamina acting president director Salyadi Saputra witnessed the signing.
The Citicore Group operates solar PV plants with a combined gross installed capacity of 287 megawatts (MW).
The company aims to deliver 5 gigawatts in five years, with the first projects to be completed this year. In addition to solar PV, CREC’s portfolio includes onshore wind projects totaling 803 MW. Four of these wind projects, amounting to 543 MW, are in various stages of development, with 362 MW for delivery under the DOE’s Green Energy Auction (GEA) – 2.
Capongcol emphasized that ensuring energy security is the government’s top priority.
“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,” Capongcol said during the signing. “Today, we are embarking on our journey towards energy transition through reliable, sustainable, and environment-friendly policies and regulatory frameworks.”
She also underscored the partnership’s role in strengthening energy cooperation between the Philippines and Indonesia. “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 said.
Capongcol highlighted a 2024 memorandum of understanding (MOU) on energy cooperation between the Philippines and Indonesia, establishing the countries’ commitment to collaborate on energy investments, frameworks and developments, including RE and the energy transition.
“Both Indonesia and the Philippines share common energy concerns, being dependent on coal-fired power plants and seeking an orderly transition to cleaner technologies,” she said. “A heightened level of cooperation between our countries offers potential benefits across economic, environmental, and geopolitical dimensions through collaboration on energy transition and renewable energy.”
Pertamina NRE gains access to CREC’s expertise in project development, as well as engineering, procurement and construction (EPC). CREC, meanwhile, gains the opportunity to develop renewable energy projects in Indonesia in partnership with Pertamina NRE, allowing for the company’s potential expansion in the region.
