- Pertamina acquires a 20% stake in Citicore Renewable Energy for $115 million to boost green projects in the Philippines.
- The investment supports CREC’s goal to reach 5 GW of renewable energy capacity in five years.
- This move strengthens Pertamina’s presence in Southeast Asia’s renewable energy market and marks its entry into the Philippines.
Indonesia’s state-owned Pertamina has bought a 20% stake in Citicore Renewable Energy Corporation (CREC) in the Philippines for $115 million. Pertamina Power Indonesia, its renewable energy subsidiary, executed the deal. The purchase includes 2,232,143,036 ordinary shares, each valued at $0.051 (3 Philippine pesos).
CREC will use the funds to accelerate its renewable energy projects across the Philippines. Under its “5 GW in 5 years” plan, the company aims to reach 5 gigawatts (GW) capacity in the next five years. With rich solar and wind resources, the Philippines presents strong potential for renewable energy growth.
Pertamina has entered the Philippine energy market, expanding its Southeast Asian presence. The acquisition shows Pertamina New & Renewable Energy’s (Pertamina NRE) efforts to diversify its energy portfolio and advance the region’s shift to clean energy.
AlphaPrimus advised CREC during the deal, providing financial and strategic guidance. This collaboration highlights the importance of regional partnerships in meeting Southeast Asia’s growing need for clean energy. With its clear environmental goals, the Philippines remains an attractive market for green investments.
The renewable energy market in Asia has seen increasing investments as governments and companies pursue sustainability. With abundant solar potential and supportive regulations, the Philippines continues to draw international investors. Pertamina’s move reflects this growing interest in renewable energy across the region.
Competition for resources and expertise in Southeast Asia will likely increase. Many economic powers have invested in renewable energy infrastructure, raising the stakes for companies like Pertamina. Navigating these challenges will require balancing growth and sustainability.
For Pertamina, this acquisition represents a strategic step in expanding its energy portfolio. It underscores the company’s commitment to sustainability while operating in a competitive and evolving market. By aligning with CREC, Pertamina positions itself to meet the future demands of the energy transition while supporting environmental targets.
This investment could lead to more collaborations between Pertamina and other regional players. The partnership with CREC allows both companies to lead in Southeast Asia’s clean energy transition.
With this acquisition, Pertamina faces both opportunities and challenges. The growing renewable energy market demands innovation and flexibility as more countries prioritise sustainability. Pertamina’s ability to adapt to these changes will be key to maintaining its competitive edge in the industry.