Indonesia invests $115 million in Philippine solar energy

Pertamina, an Indonesian state-owned actor, acquires 20% of Citicore Renewable Energy Corporation to fund green energy projects in the Philippines, bolstering its regional strategy.

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Indonesia’s state-owned Pertamina, through its subsidiary Pertamina Power Indonesia, has signed a strategic agreement with Citicore Renewable Energy Corporation (CREC) in the Philippines. The $115 million investment translates to a 20% stake in the renewable energy-focused company.

This financial commitment represents a total of 2,232,143,036 common shares issued at $0.051 (3 Philippine pesos) per share. CREC announced that the funds will support its nationwide renewable energy projects, aiming for an additional gigawatt (GW) of capacity annually. This initiative aligns with its ambitious “5 GW in 5 years” roadmap.

A strategic partnership to accelerate energy transition

With this deal, Pertamina strengthens its foothold in the renewable energy sector in Southeast Asia. This initiative also marks its first entry into the Philippine market, a country with growing potential in solar and wind energy. The investment highlights Pertamina New & Renewable Energy’s (Pertamina NRE) intention to diversify its portfolio and actively contribute to the region’s energy transition.

The agreement also benefits from the financial and strategic support of AlphaPrimus, acting as an advisor to CREC during this transaction. By leveraging local expertise and regional collaboration, the partnership aims to address the Philippines’ increasing demand for clean electricity while aligning with government-set environmental objectives.

A rapidly transforming market

The rise in renewable energy investments reflects a structural shift in Asian markets. The Philippines, with its strong solar potential and supportive regulatory framework, attracts leading foreign players. This collaboration with Pertamina is part of a regional dynamic where governments and businesses strive to balance economic growth with energy sustainability.

However, competition for resources and expertise is expected to intensify, especially with other economic powers also investing in green energy infrastructure across Southeast Asia. For Pertamina, this commitment represents both an opportunity for diversification and a challenge in a rapidly evolving sector.

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