Pertamina to Acquire 20% Stake in Philippine Solar Leader for $115m

JAKARTA, investortrust.id - Citicore Renewable Energy Corporation (CREC), a leading solar energy producer in the Philippines, has announced that Indonesian state-owned PT Pertamina (Persero) will acquire a 20% stake in the company for 6.70 billion pesos (US$115 million).

Under the agreement, Pertamina’s renewable energy subsidiary, PT Pertamina Power Indonesia (Pertamina NRE), will purchase 2.23 billion shares of Citicore at 3 pesos per share.

Citicore, renowned for its extensive portfolio of solar power projects across the Philippines, stated that the investment would bolster its efforts to expand its renewable energy projects in Indonesia and strengthen its footprint in Southeast Asia. The company aims to add approximately 1 gigawatt (GW) of green energy capacity annually as part of its regional expansion strategy.

This acquisition represents Pertamina NRE’s first foray into the Philippine renewable energy market, marking a significant milestone in its effort to diversify and grow its presence in Southeast Asia’s rapidly expanding clean energy sector.

Citicore specializes in the development, construction, and operation of solar energy projects. The company plays a key role in the Philippines’ energy transition by delivering sustainable and environmentally friendly clean energy solutions. Its portfolio includes large-scale solar projects located across the country, making it a crucial contributor to the nation’s renewable energy targets.

The deal underscores both companies’ commitment to accelerating the region’s shift toward green energy and fostering cross-border collaboration in renewable energy development.