Pertamina NRE's Investment in CREC Philippines Proves Jitu, Grows 50%
JAKARTA – Pertamina New & Renewable Energy’s (Pertamina NRE) investment strategy in Citicore Renewable Energy Corporation (CREC) of the Philippines, following its acquisition of a 20% stake in June 2025, has proven highly effective. The company has now received dividends as CREC’s performance and share price have surged sharply. By the second quarter of 2026, CREC’s market capitalisation had increased from approximately US$600 million to nearly US$900 million, representing a growth of almost 50% compared to when Pertamina NRE first entered as a strategic investor last year.
This increase reflects the increasingly bright and promising prospects for the renewable energy business, while also affirming the accuracy of Pertamina NRE’s strategic investment decision, both in terms of economic viability and governance discipline before and after the investment. Corporate Secretary of Pertamina NRE, Sri Nur Hidayati, stated that this achievement proves the company’s inorganic investment strategy is capable of generating good returns whilst simultaneously strengthening the company’s position in the regional clean energy sector.
“The dividend distribution from CREC within a year proves that our investment not only has long-term growth prospects but has also provided tangible financial benefits. This success further strengthens Pertamina NRE’s commitment to developing a healthy, productive, and sustainable investment portfolio,” Sri said in a statement in Jakarta on Saturday (27/6). Beyond contributing to financial performance, the investment in CREC also bolsters Pertamina NRE’s renewable energy business portfolio in the Southeast Asian region.
Currently, CREC 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 within 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 the company’s value creation. Meanwhile, Eri Reksoprodjo, Director of CREC representing Pertamina NRE, conveyed that the strategic collaboration between CREC and Pertamina NRE is a mutually beneficial and strategic investment that provides added value and strategic significance for both companies.
Eri stated that Pertamina NRE’s entry as an investor is not merely a strategic financial investment, as it is also expected to encourage Pertamina NRE to expand cooperation with CREC as a strategic partner in strengthening its existing investment portfolio. It even has the potential to strengthen the company’s bargaining position in securing other leading investment opportunities in the future. “This encouraging dividend acquisition and ROI of 43.4% reflect an investment initiative carried out with discipline, accountability, and prioritising good governance, while emphasising sound business fundamentals to guarantee added value for all shareholders,” Eri said on Monday (22/6).
Going forward, Pertamina NRE will continue to strengthen its value creation-oriented investment strategy, both by increasing investment returns and enhancing clean energy business capabilities. The partnership with CREC not only delivers economic benefits through increased valuation and dividends but also opens opportunities for collaboration in renewable energy project development, knowledge transfer, and competency building that will support the acceleration of the energy transition and national energy security. The acquisition of a 20% stake in CREC is a strategic milestone for Pertamina NRE in building a competitive new and renewable energy portfolio at the regional level. The success of this strategic investment has also received support from Danantara Investment Management, which assesses that the investment not only generates value creation but also holds long-term strategic value in strengthening clean energy cooperation in the region.