Jakarta, INTI - PT Pertamina New & Renewable Energy (Pertamina NRE) investment strategy in the Philippines' Citicore Renewable Energy Corporation (CREC) is beginning to show positive results. After acquiring a 20 percent stake in CREC in June 2025 through an investment of approximately USD 120 million, Pertamina NRE has received dividends in line with the company's improving performance and soaring share price.
By the second quarter of 2026, CREC's market capitalization had increased from approximately USD 600 million to nearly USD 900 million. It is a nearly 50 percent increase compared to when Pertamina NRE first entered as a strategic investor.
This increase reflects the increasingly promising outlook of the renewable energy industry and demonstrates that Pertamina NRE's investment decisions are yielding positive results, both economically and through the implementation of disciplined corporate governance.
Pertamina NRE Corporate Secretary, Sri Nur Hidayati, stated that this achievement demonstrates that the company's inorganic investment strategy is capable of generating optimal returns and strengthening Pertamina NRE's position in the clean energy sector.
"The distribution of dividends from CREC within a year demonstrates that our investments not only have long-term growth prospects but have also delivered tangible financial benefits. This success further strengthens Pertamina NRE's commitment to developing a healthy, productive, and sustainable investment portfolio," said Sri in a statement in Jakarta on Monday, June 22, 2026.
Strengthening Pertamina NRE’s Portfolio
In addition to supporting the company's financial performance, the investment strengthens Pertamina NRE's regional renewable energy business portfolio. CREC currently operates solar power plants with a capacity of over 1,200 MWdc, making it one of the largest solar energy developers in the Philippines. Pertamina NRE also continues to monitor the implementation of CREC's short- and long-term business strategies to ensure optimal investment value creation.
Eri Reksoprojo, who serves as a Board Member representing Pertamina NRE at CREC, assessed the collaboration between the two companies as a strategic investment that benefits both parties.
"The dividend distribution and the encouraging 43.4 percent return on investment (ROI) reflect an investment initiative executed with discipline, accountability, strong corporate governance, and sound business fundamentals to ensure sustainable value creation for all shareholders," said Eri.
Going forward, Pertamina NRE will continue to develop an investment strategy focused on value creation by increasing returns while strengthening clean energy business capabilities. The partnership with CREC is expected to provide economic benefits and open opportunities for collaboration in renewable energy project development.
Conclusion
In June 2025, Pertamina NRE acquired a 20 percent stake in CREC for approximately USD 120 million. As of the second quarter of 2026, Pertamina NRE has received dividends, while CREC's market capitalization has increased to nearly USD 900 million. In addition to contributing to financial performance, this investment also strengthens Pertamina NRE's renewable energy portfolio in Southeast Asia and opens up opportunities for collaboration in clean energy project development.
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