Pertamina Buys 20% Stake in Philippine Renewable Firm, Sets Solar Factory to Export Clean Energy to Singapore

Pertamina New & Renewable Energy (Pertamina NRE), a subsidiary of Indonesia's state-owned energy company PT Pertamina, announced plans to build a solar panel manufacturing facility in collaboration with a top-tier Chinese solar company to support Indonesia's strategy to export 3.4 gigawatts of clean electricity to Singapore by 2035. This initiative aligns with Indonesia's broader clean energy export agenda and exploration of domestic renewable energy potential, with exports expected to include solar and possibly wind power among other sources. Concurrently, Pertamina has acquired a 20% stake in Philippine renewable energy firm Citicore Renewable Energy Corp. for approximately $118-$120 million, facilitating joint renewable projects across Southeast Asia and granting Pertamina access to Citicore’s expertise in solar and wind project development. Pertamina NRE’s CEO highlighted the importance of regional cooperation through initiatives like the ASEAN Power Grid to foster cross-border electricity trade, while the Philippine market offers additional opportunities, particularly in geothermal energy, which Pertamina is also interested in exploring. These strategic moves reflect Pertamina’s commitment to expanding its renewable energy footprint both domestically and regionally, leveraging partnerships and manufacturing capabilities to accelerate the clean energy transition in Southeast Asia.