Indonesia’s Pertamina NRE, a subsidiary of state-owned PT Pertamina, has acquired a 20% stake in Philippine renewable energy developer CREC.

The share subscription arrangement, valued at approximately $120 million, was confirmed during a ceremonial signing on June 19. Under the terms of the agreement, Pertamina NRE and CREC will jointly explore solar and wind investments in Indonesia and collaborate on carbon credit development and trading.

The deal marks Pertamina NRE’s first investment in the Philippines. A joint statement said the partnership gives Pertamina NRE access to CREC’s project development expertise and provides CREC the opportunity to develop renewable energy projects in Indonesia.

“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,” said CREC President and CEO Oliver Tan.

CREC is part of Citicore Group, which has a portfolio of operational solar assets totaling 287 MW. The group aims to deliver 5 GW within five years, with the first phase expected to be completed in 2025.