TEMPO.CO, Jakarta - PT Pertamina New & Renewable Energy (Pertamina NRE) has officially become a shareholder of Citicore Renewable Energy Corporation (CREC), the largest new and renewable energy (NRE) company in the Philippines. The ownership of Pertamina NRE shares in CREC was listed on the Philippine Stock Exchange (PSE) on Tuesday, January 13, 2026.
The Acting Corporate Secretary of Pertamina NRE, Rika Gresia Wahyudi, stated that this investment is part of the company's long-term strategy to increase renewable energy capacity. She said the company bought a 20 percent stake worth US$120 million.
"By becoming a shareholder in the leading NRE issuer in the Philippines, Pertamina NRE contributes to the development of renewable energy not only at the national level but also regionally. This reaffirms our commitment to strengthening ASEAN collaboration and accelerating the energy transition," said Rika, as quoted from a written statement on Wednesday, February 4, 2026.
CREC director representing Pertamina NRE, Eri Reksoprodjo, added that the investment is expected to provide benefits beyond just financial gain. According to him, Pertamina NRE also has the opportunity to absorb best practices and develop mutually beneficial strategic cooperation.
"Through this partnership, we hope to learn a lot from CREC and take advantage of collaboration opportunities to improve the performance and development of the solar power plant portfolio in Indonesia," said Eri.
Eri stated that this partnership not only provides added value from an investment perspective, but also opens up opportunities for NRE project collaborations in Indonesia and Southeast Asia. This synergy is expected to drive improvements in technical expertise, technology transfer, and strengthen the portfolio of solar power plants (PLTS) domestically.
CEO and President of CREC Oliver Y. Tan views the partnership with Pertamina NRE as a strategic step to strengthen clean energy development in the region. According to him, this collaboration brings together the experience and expertise of both companies in the renewable energy sector.
"In addition to driving NRE development in the Philippines, this partnership is in line with our expertise in renewable energy technology. We believe this collaboration can help accelerate the energy transition in the Philippines and Indonesia, while supporting the growth of clean energy in the ASEAN region," said Oliver.
CREC is one of the main players in renewable energy in the Philippines with a continuously growing solar power plant portfolio. As of December 2025, CREC's gross installed capacity reached 596 megawatt peak (MWp). The company targets an installed capacity of 5 gigawatts (GW) by 2029, in line with commitments to reduce carbon emissions and environmental sustainability.
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