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Manila Bulletin devider Business devider The Stock Market devider Citicore Power clears way for PNRE investment in CREC

Citicore Power clears way for PNRE investment in CREC

Published Jan 31, 2025 05:28 am

Citicore Renewable Energy Corp. (CREC) is selling a portion of its shares to PT Pertamina Power Indonesia (PNRE) to fund its renewable energy (RE) projects in the Philippines and Indonesia.

In a disclosure to the Philippine Stock Exchange (PSE) on Friday, Jan. 31, CREC announced that Citicore Power Inc. (CPI) sold 153.7 million shares, allowing PNRE to acquire a 20 percent stake in CREC.

“The aforementioned acquisition will enable the company to gain the opportunity to partner with PNRE in pursuing its 5GW project pipeline in the Philippines and to develop renewable energy projects in Indonesia, allowing for the Company’s potential expansion in the region,” CREC stated.

To recall, CREC and PNRE signed a ₱6.7 billion deal which is PNRE's first investment in the Philippines. This partnership will give the Indonesian energy firm access to CREC’s project development expertise, including engineering, procurement, and construction (EPC).

CREC, in turn, will be able to partner with PNRE on RE projects in Indonesia.

“PNRE’s investment is a testament to the company’s track record and ability to ramp up its renewable energy pipeline from pre-development to construction to commercial operations,” CREC said.

“Furthermore, the block sale transaction ensured that the company remains compliant with the Exchange’s 20 percent minimum public float requirement upon PNRE’s entry,” it added.

The agreement between CREC and PNRE stipulates that the acquisition will be equal to more than 2.2 billion shares at ₱3 each.

CREC's other partnerships include the continuation of a solar power plant in Bataan with SMC Global Light and Power Corp. (SGLP).

Earlier this month, CREC president Oliver Tan said that its 153.5 megawatt (MW) solar facility in Mariveles, Bataan, will begin construction in the first quarter and is expected to be completed by early 2026.

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Citicore Power Inc. (Citicore) Citicore Renewable Energy Corporation Solar power plant
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