Citicore and Pertamina sign renewable energy deal, Photo taken by PNRE.
Citicore and Pertamina sign renewable energy deal, Photo taken by PNRE.

Citicore Renewable Energy Corporation and Pertamina New & Renewable Energy (Pertamina NRE) signed a Framework Agreement, marking a major step forward in energy cooperation between the Philippines and Indonesia. The agreement covers renewable energy investment and carbon credit collaboration—underscoring the shared ambition of the Philippines and Indonesia to champion sustainable, secure energy futures.

The partnership builds on the Memorandum of Understanding (MOU) on Energy Cooperation signed between the Philippines and Indonesia in January 2024. The MOU enables the Philippines and Indonesia to collaborate on areas such as minerals and coal, oil and gas, energy transition, new and renewable energy, energy efficiency, and alternative fuels, among others.

In January 2025, it was reported that Indonesia’s Pertamina would acquire a 20% stake in Citicore. The investment, made through a subscription agreement, will support the development of Citicore’s pipeline of green energy projects across the Philippines.

According to the DTI Board of Investments (BOI), the Philippines has recently attracted over PHP3.7 trillion in renewable energy projects—endorsed for expedited “green lane” permitting—demonstrating the country’s growing appeal as a clean energy investment destination. ♦

Date of Release26 June 2025