Pertamina NRE Strengthens Performance Through Investment in Philippines' CREC

Pertamina New & Renewable Energy (Pertamina NRE) has strengthened its performance through a strategic investment in the Philippines’ Citicore Renewable Energy Corporation (CREC). Following the acquisition of a 20 percent stake in the company in June 2025, Pertamina NRE has now received dividends, driven by the company’s improved performance and a sharp increase in its share price. “This success further strengthens Pertamina NRE’s commitment to developing a healthy, productive and sustainable investment portfolio,” said Corporate Secretary Sri Nur Hidayati in a statement in Jakarta on Saturday. By the second quarter of 2026, CREC’s market capitalisation had increased from around 600 million US dollars to nearly 900 million US dollars, representing a growth of almost 50 percent compared to when Pertamina NRE first entered as a strategic investor last year. Sri assessed that this achievement proves Pertamina NRE’s inorganic investment strategy is capable of generating good returns while simultaneously strengthening the company’s position in the regional clean energy sector. “The dividend distribution from CREC within a year is proof that our investment not only has long-term growth prospects but has also provided tangible financial benefits,” Sri said. Beyond contributing to financial performance, the investment in CREC also bolsters Pertamina NRE’s renewable energy business portfolio in the Southeast Asian region. CREC currently has a solar power plant capacity of more than 1,200 MWdc, making it one of the largest solar energy developers in the Philippines and a strategic asset in Pertamina NRE’s investment portfolio. Pertamina NRE also continues to monitor the execution of CREC’s short-term and long-term strategies to ensure the optimisation of value creation. The success of this strategic investment has also received support from Danantara Investment Management. Chief Investment Officer Pandu Patria Sjahrir assessed that the investment not only generates value creation but also holds long-term strategic value in strengthening clean energy cooperation in the region. “This is not just about value creation; in the long term, there is strategic value in the form of potential cross-selling between the two neighbouring countries and as part of ASEAN,” said Pandu. “For example, the export of solar PV products manufactured by Pertamina NRE subsidiaries, technology transfer, and the placement of Indonesian workers in the growing renewable energy industry in the Philippines,” he added.