Pertamina’s Philippine Green Bet Surges: CREC Valuation Hits $900 Million

JAKARTA, Investortrust.id — Pertamina New & Renewable Energy (Pertamina NRE), the green-energy subsidiary of Indonesia’s state-owned oil and gas conglomerate PT Pertamina, is reaping rapid rewards from its foray into the Philippine market. Barely a year after acquiring a 20% stake in Citicore Renewable Energy Corporation (CREC), the investment is already delivering dividends and aggressive capital appreciation.

This deal serves as a high-profile win for Indonesian state-linked capital as it ventures beyond domestic borders. With CREC’s market capitalization jumping from approximately $600 million to nearly $900 million by the second quarter of 2026, the move demonstrates that aggressive investment in Southeast Asia’s energy transition can deliver immediate financial returns while securing a dominant position in the regional renewable supply chain.

"The distribution of dividends from CREC within a year proves that our investment not only has long-term growth prospects but provides immediate financial benefits," said Sri Nur Hidayati, Corporate Secretary of Pertamina NRE, in a statement released Sunday, June 28, 2026.

Scaling Solar Power

The investment provides Pertamina NRE with direct exposure to CREC’s massive pipeline of renewable assets. CREC currently operates over 1.2 gigawatts of solar capacity, establishing itself as a top-tier player in the Philippine energy market. This scale provides Pertamina NRE with a strategic foothold as it looks to diversify its regional portfolio away from traditional fossil fuels.

Eri Reksoprodjo, a director at CREC representing Pertamina NRE, emphasized that the partnership transcends simple financial backing. He noted that the collaboration is designed to leverage CREC’s local market dominance to boost Pertamina NRE's bargaining power for future green energy deals across the region.

Institutional Backing and Cross-Border Synergy

The success of the venture is being managed with a long-term strategic view by Danantara, the state investment holding entity that oversees Pertamina as part of its operational portfolio. Pandu Patria Sjahrir, Chief Investment Officer at Danantara Investment Management, highlighted the broader strategic value of the project. He pointed to the potential for "cross-selling" and industrial synergies, such as the export of Indonesian-made solar panels to the Philippines and the integration of technical labor forces.

"We support PNRE’s investment initiative in CREC because this is not just about value creation, but also about the strategic, long-term potential for cross-selling between neighboring countries," Pandu noted.

As Pertamina NRE targets a higher return on investment, the firm is doubling down on its commitment to disciplined, governance-led expansion. By combining a disciplined ROI approach—already tracking at an impressive 43.4%—with a broader ASEAN energy transition strategy, Pertamina is signaling to investors that it intends to remain a pivotal player in the region’s decarbonization efforts for years to come.