Philippine renewable energy developer Citicore Renewable Energy Corp. has signed a $120 million strategic investment agreement with Pertamina New & Renewable Energy (Pertamina NRE), the clean energy arm of Indonesia’s state-owned oil and gas giant.
The landmark deal, formalized in Jakarta on Wednesday, marks Pertamina NRE’s first foray into the Philippines, underscoring deepening energy cooperation between Southeast Asia’s two largest archipelagic economies.
Under the agreement, Pertamina NRE will take a 20% equity stake in Citicore, providing the Manila-based firm with fresh capital to accelerate its target of installing 5 gigawatts (GW) of clean energy capacity within five years. Citicore currently operates 287 megawatts (MW) of solar PV capacity and is developing 803 MW of onshore wind.
“We are entering a transformative phase in Southeast Asia’s energy landscape,” said Oliver Tan, Citicore’s president and CEO. “This partnership allows us to co-develop projects in Indonesia and bring our engineering and development capabilities across borders.”
The two firms plan to explore solar and wind projects in Indonesia, as well as opportunities in carbon credit development and trading. Pertamina NRE CEO John Anis said the tie-up “accelerates our clean energy goals and enhances our RE capabilities through Citicore’s expertise.”
The move follows a 2024 memorandum of understanding between the Philippines and Indonesia to bolster energy cooperation across the region.
Philippine Department of Energy Assistant Secretary Mylene Capongcol, who witnessed the signing, called energy security the government’s top priority and hailed the deal as a “testament to regional collaboration on sustainable development.”
“This is more than an investment—it is a geopolitical signal,” she said. “We are building a united Southeast Asia capable of transitioning away from fossil fuels while delivering economic resilience.”
The Philippines ranks as the second most attractive emerging market for RE investments, according to BloombergNEF. Citicore’s expansion aligns with the country’s Green Energy Auction targets, which will see 362 MW of its wind capacity committed under DOE’s GEA-2 program.
Meanwhile, Pertamina NRE is rapidly expanding its clean energy footprint beyond Indonesia, focusing on solar, wind, geothermal, and carbon management.
The deal also brings Citicore closer to becoming a regional clean energy player, leveraging Pertamina’s technology, regulatory insight, and local networks in the Indonesian market.
Business News Asia