Citicore Renewable Energy Corp., a leading Philippine renewable energy developer, and Indonesia’s Pertamina New & Renewable Energy, have completed a share subscription agreement, a significant step in regional clean energy cooperation.
In a ceremonial signing held June 19 in Jakarta, Pertamina NRE subscribed to a 20 percent equity stake in Citicore Renewable, valued at approximately USD120 million.
The agreement was signed by Citicore Renewable president and chief executive officer Oliver Tan and Pertamina NRE CEO John Anis, with key officials from both governments witnessing the event.
Beyond the equity investment, the two companies will explore joint renewable energy ventures in Indonesia, focusing on solar and wind power projects as well as carbon credit development and trading.
“To be a First-World Philippines powered by pure renewable energy, we must seek every opportunity to collaborate—with government, industry peers, and beyond our borders,” said Tan in a statement. “With Pertamina NRE, we can view the energy transition through a different lens and create responsive, collaborative solutions.”
Anis highlighted the synergy. “This partnership with Citicore enhances our RE development capability and accelerates Indonesia’s clean energy transition. We also aim to support the Philippines with our expertise and technology.”
Citicore Renewable currently operates solar photo voltaic plants with a combined installed capacity of 287 MW and is targeting 5 gigawatts in five years. Its growing portfolio includes 803 MW of onshore wind, with several projects under the Philippines’ Green Energy Auction program.
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