Indonesia’s Pertamina Secures $115 Million Stake in Philippine’s Citicore Renewables

Pertamina New & Renewable Energy (Pertamina NRE) has made its first foray into the Philippine renewable energy sector with a $115 million investment in Citicore Renewable Energy Corporation (CREC), acquiring a 20% stake through the purchase of 2.23 billion shares at ₱3.00 per share. This strategic partnership positions Pertamina NRE to expand its renewable portfolio while providing CREC with opportunities to develop projects in Indonesia and across Southeast Asia. CREC plans to use the capital to advance its ‘5GW in 5 years’ roadmap, contributing 1 gigawatt of green energy capacity annually to the Philippines. CREC’s President and CEO, Oliver Tan, highlighted the collaboration’s potential to drive innovative renewable technologies while accelerating energy developments in both nations. The partnership aligns with the growing clean energy demand in Southeast Asia and strengthens efforts to achieve regional renewable energy targets. Financial advisory for the transaction was handled by AlphaPrimus, underscoring the importance of strategic alliances in the clean energy transition. Resources: https://esgnews.com/indonesias-pertamina-secures-115-million-stake-in-philippines-citicore-renewables/