JAKARTA – PT Pertamina (Persero) is set to acquire a 20% stake in Citicore Renewable Energy Corporation (CREC), a renewable energy company based in the Philippines.

The announcement was made by CREC in an official statement on Friday (10/1). The acquisition will be carried out through Pertamina's subsidiary, PT Pertamina Power Indonesia (Pertamina NRE).

CREC and Pertamina NRE have signed a share subscription agreement, under which Pertamina NRE will purchase 2.23 billion shares. At a price of PHP 3 per share, the transaction value is estimated to reach PHP 6.69 billion, or approximately USD 115 million.

This acquisition marks Pertamina’s first investment in the Philippines. After the acquisition, Pertamina NRE will gain access to several projects developed by CREC. Conversely, CREC will have opportunities to expand its projects in Indonesia.

“The partnership with Pertamina NRE opens unlimited opportunities for collaboration between Indonesia and the Philippines in innovative technologies and practices in the renewable energy sector,” said Oliver Tan, President and CEO of CREC.

It is worth noting that CREC has appointed AlphaPrimus as the financial advisor for this transaction. (KR/ZH)