Insider Spotlight:
Why it matters:
The acquisition — the plan for which was first announced in January 2025 — represents Pertamina Group’s first investment in the Philippines, conducted through its subsidiary, Pertamina New & Renewable Energy (Pertamina NRE).
IT also constitutes the first overseas investment approved by Danantara, Indonesia’s sovereign wealth fund established to promote strategic global expansion.
The deal:
The deal was sealed last week with CREC selling a 20-percent stake to Pertamina NRE as part of a strategic partnership. The Indonesian firm identified CREC as a key renewables player in Southeast Asia and cited the company’s leadership and entrepreneurial track record in the sector.
Behind the transaction:
AlphaPrimus CEO and managing director Manolet Salak and executive director Albert Lagtapon led the advisory mandate. The deal further cements AlphaPrimus’ reputation in the energy and renewables M&A space.
“The boys at AlphaPrimus have done it again and this time on a $120-million deal involving listed company CREC selling a 20-percent stake to Indonesia’s largest energy company,” the company said in a statement.
Context:
AlphaPrimus has a history of advising on major energy transactions. In 2021, it advised Ayala’s ACEN on its $186-million equity sale to Singapore’s GIC. A year later, it guided ACEN on the world’s first market-based Energy Transition Mechanism (ETM). AlphaPrimus was also involved in the 2007 privatization of PNOC-EDC.
What’s next:
AlphaPrimus is expanding its services beyond mergers and acquisitions to include debt and project finance advisory, positioning itself as a full-service financial advisor for both local and international energy transactions.
