Citicore Renewable Energy Corp. (CREC) has completed a P6.7-billion stake sale to Indonesia’s Pertamina New & Renewable Energy, paving the way for its potential expansion into regional clean energy markets.

The listed renewable energy firm said the agreement, finalized on Thursday, covers the sale of a 20 percent stake to the Indonesian state-owned company.

Through the deal, CREC gains a platform to pursue joint solar, wind, and carbon credit projects in Indonesia, while Pertamina NRE will benefit from CREC’s expertise in project development and engineering, procurement, and construction.

The partnership is expected to support CREC’s plans to scale up its clean energy portfolio beyond the Philippines.

“With Pertamina NRE, we can view the energy transition through a different lens and create responsive, collaborative solutions for clean energy in the Philippines and Indonesia,” CREC President and CEO Oliver Tan said. 

“To be a First-World Philippines powered by pure renewable energy, we must seek every opportunity to collaborate with the government as well as peers in the industry and beyond our borders.”

The agreement was signed by Tan and Pertamina NRE Director of Strategy & Business Development Fadli Rahman, and witnessed by DOE Assistant Secretary Mylene Capongcol and Pertamina Director of Strategy, Portfolio, and Business Development Salyadi Saputra.

Pertamina NRE CEO John Anis said the partnership with CREC backs Indonesia’s push for renewable energy by enhancing the company’s development capabilities through CREC’s expertise and experience. 

“We are committed to supporting Citicore and the Philippines with our own expertise, technology, and best practices,” Anis said.

CREC currently operates 287 megawatts (MW) of solar PV capacity and targets five gigawatts of renewable capacity in five years.

Its wind pipeline totals 803 MW, with 543 MW in various stages of development—including 362 MW committed under the Department of Energy’s Green Energy Auction Program.