Citicore Renewables Inks US$120 Million Strategic Partnership with Indonesia’s Pertamina NRE

​Leading Philippine renewable energy developer Citicore Renewable Energy Corporation (CREC) and Indonesia State-Owned Pertamina New & Renewable Energy (Pertamina NRE) complete their landmark share subscription agreement through a ceremonial signing held on 19 June 2025 in Jakarta, Indonesia.  

The agreement was signed by President and CEO of CREC Oliver Tan and CEO of Pertamina NRE John Anis. Signing was witnessed by DOE Assistant Secretary Mylene Capongcol and Act. President Director of Pertamina Salyadi Saputra.

Pertamina NRE subscribes to a 20% interest in CREC, raising an estimated value of approximately US$120 million. CREC and Pertamina NRE 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.

“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. 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,” said CREC President and CEO Oliver Tan.

“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 support Citicore and the Philippines with our own expertise, technology, and best practices,” said Pertamina NRE CEO John Anis.

The Citicore Group currently operates solar PV plants with a combined gross installed capacity of 287 megawatts (MW). The company has a target to deliver five gigawatts in five years, the first of which will be completed by this year. In addition to solar PV, CREC’s portfolio also includes onshore wind projects that total 803MW1. Four of these wind projects, amounting to 543 MW, are in various stages of development with 362MW for delivery under the Philippine DOE’s Green Energy Auction (GEA) - 2.

Energy Cooperation between Philippines and Indonesia

In her speech, Department of Energy Assistant Secretary Mylene Capongcol stated the need to continuously ensure energy security is the government’s topmost 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. Today, we are embarking on our journey towards energy transition through reliable, sustainable, and environment-friendly policies and regulatory frameworks,” said Asec. Capongcol.

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 highlighted the Memorandum of Understanding (MOU) of Cooperation in the Field of Energy signed by the Philippines and Indonesia in 2024, establishing the countries’ commitment to collaborate on energy investments, frameworks, and developments that include 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. 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," she said.

The partnership with CREC marks Pertamina NRE’s first investment in the Philippines and their entry to the country’s booming renewable energy investment climate, now ranked the second most attractive emerging market for renewable energy investments by BloombergNEF.

Pertamina NRE gains access to CREC’s unique expertise in project development, as well as engineering, procurement and construction, or 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.

Citicore Renewable Energy Corporation (CREC) is a leading pure-play renewable energy company committed to the development and operation of solar, hydro and wind projects in the Philippines. CREC, directly and through its subsidiaries and joint venture, manages a diversified portfolio of renewable energy generation projects, engages in power project development operations, and participates in retail electricity supply. CREC is also the sponsor of the Philippine’s first renewable energy REIT, Citicore Energy REIT (CREIT).

PT Pertamina Power Indonesia (Pertamina NRE) is a subsidiary company fully owned by Pertamina, Indonesia's state-owned energy corporation, and is specifically responsible for managing all power generation and new & renewable energy development, focusing on gas based power generation, geothermal energy, and other renewable energy sources like solar and wind power and also green businesses like nature-based solutions and carbon business.