Dividends Flow, Valuation Soars: Pertamina NRE's Move in the Philippines Bears Fruit

Jakarta – Pertamina New & Renewable Energy’s aggressive move to invest in Citicore Renewable Energy Corporation (CREC) is beginning to show tangible results. Just a year after acquiring a 20 per cent stake in CREC in June 2025, Pertamina NRE is already enjoying dividends alongside a significant surge in investment value. By the second quarter of 2026, CREC’s market capitalisation had soared from around US$600 million to nearly US$900 million. This means the company’s value grew by almost 50 per cent since Pertamina NRE entered as a strategic investor. The increase serves as a strong signal that the renewable energy sector in Southeast Asia is increasingly promising. Pertamina NRE Corporate Secretary, Sri Nur Hidayati, affirmed that this achievement proves the company’s inorganic investment strategy is running effectively and generating financial benefits faster than anticipated. “The dividend distribution from CREC within a year is proof that our investment not only has long-term growth prospects but has also provided real financial benefits,” Sri said in Jakarta on Monday (22/6). Beyond financial gains, this investment also strengthens Pertamina NRE’s footing in the regional green energy business. CREC currently manages a solar power plant capacity of more than 1,200 MWdc, making it one of the largest solar energy players in the Philippines. For Pertamina NRE, the stake in CREC is not merely a financial portfolio but also a strategic asset to expand its clean energy business network in ASEAN. CREC Director representing Pertamina NRE, Eri Reksoprojo, described the collaboration as a mutually beneficial strategic investment. According to him, besides providing dividends, the investment also recorded a return on investment (ROI) of 43.4 per cent, an achievement demonstrating disciplined investment execution quality based on strong business fundamentals. “This is not just a strategic financial investment, but a pathway to expand cooperation, strengthen the portfolio, and enhance Pertamina NRE’s bargaining position in future renewable energy investment opportunities,” Eri said. This success also received support from Danantara Investment Management. The company’s Chief Investment Officer, Pandu Patria Sjahrir, assessed that Pertamina NRE’s investment in CREC holds long-term strategic value. According to Pandu, Indonesia-Philippines synergy in the green energy sector has the potential to open opportunities for solar panel exports, technology transfer, and the placement of Indonesian workers in the Philippines’ rapidly growing renewable energy industry. Going forward, Pertamina NRE affirmed it will continue to prioritise a value creation-based investment strategy, not only pursuing returns but also strengthening national and regional clean energy business capabilities. The investment in CREC has now become one of Pertamina NRE’s key foundations in accelerating the energy transition while bolstering Indonesia’s energy security in the midst of a changing global energy landscape.