Pertamina NRE strengthens portfolio through Philippine investment

Jakarta (ANTARA) - Indonesia's Pertamina New & Renewable Energy (NRE) has strengthened its financial performance through a strategic investment in the Philippines' Citicore Renewable Energy Corporation (CREC).

After acquiring a 20 percent stake in CREC in June 2025, Pertamina NRE began receiving dividends as the company's performance and share price continued to improve.

"This success further strengthens Pertamina NRE's commitment to developing a healthy, productive, and sustainable investment portfolio," Pertamina NRE Corporate Secretary Sri Nur Hidayati said in a statement on Saturday.

As of the second quarter of 2026, CREC's market capitalization had increased from around US$600 million to nearly US$900 million, representing growth of almost 50 percent since Pertamina NRE became a strategic investor last year.

Sri said the achievement demonstrates that Pertamina NRE's inorganic investment strategy has generated solid investment returns while 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 delivered tangible financial benefits," she said.

Besides contributing to the company's financial performance, the investment has strengthened Pertamina NRE's renewable energy portfolio in Southeast Asia.

CREC currently has more than 1,200 MWdc of solar power generation capacity, making it one of the Philippines' largest solar energy developers and a strategic asset in Pertamina NRE's investment portfolio.

Pertamina NRE also continues to monitor the implementation of CREC's short- and long-term strategies to ensure continued value creation.

The investment has also received support from Danantara Investment Management, the investment arm of superholding company Danantara.

Danantara's Chief Investment Officer Pandu Patria Sjahrir said the investment had created value while offering long-term strategic benefits by strengthening regional clean energy cooperation.

"This isn't just about value creation, but in the long term, it has strategic value in the form of potential cross-selling between the two neighboring countries and members of ASEAN," Pandu said.

"For example, exports of solar PV products manufactured by PNRE subsidiaries, technology transfer, and the placement of Indonesian workers in the Philippines' growing renewable energy industry," he added.

Related news: Pertamina NRE eyes renewable energy development in Bangladesh

Related news: Pertamina NRE interested in Indonesia's nuclear power development

Translator: Arnidhya Nur Zhafira, Cindy Frishanti Octavia

Editor: Anton Santoso

Copyright © ANTARA 2026