The $115 million (P6.7 billion) investment, equivalent to over 2.2 billion shares at P3.00 per share, strengthens CREC’s position in the renewable energy market.
CREC shares slipped 1.52 percent to P3.25 per share during Friday’s morning session, valuing the clean energy giant at P29 billion.
Big picture
This partnership offers CREC access to opportunities in Indonesia while supporting its ambitious goal of adding 1 gigawatt of green energy annually. Pertamina NRE’s entry also underscores the Philippines’ growing appeal as a renewable energy investment hub.
CREC also secured anchor investor MOBILIST Program for its P5.3 billion initial public offering last year.
Renewable powerhouse
Pertamina NREis tasked with advancing Indonesia’s energy transition through the exploration and production of new and renewable energy sources.
Its integrated operations span geothermal work areas, power plants, and clean energy projects like solar, steam, and geothermal power plants, all aimed at achieving net zero emissions by 2060.
Management’s view
“The partnership with Pertamina NRE presents unparalleled opportunities for Indonesia and the Philippines to collaborate on innovative technologies and practices in renewable energy,” Oliver Tan, CREC president and CEO, said in a statement on Friday.
“It gives a wider stage to CREC’s unique end-to-end capabilities by opening doors in Indonesia while we accelerate our developments in the Philippines,” he added.
