Jakarta. Indonesia’s sovereign wealth fund Daya Anagata Nusantara (Danantara), has made its first overseas investment with a $120 million (Rp 1.95 trillion) commitment to the Philippines’ solar power sector.

Through Pertamina New and Renewable Energy (Pertamina NRE), Danantara has acquired a 20 percent stake in Citicore Renewable Energy Corporation (CREC), a major player in the Philippines' renewable energy industry.

Pandu Patria Sjahrir, Chief Investment Officer of Danantara, said the move reflects Indonesia’s ambition to become a regional energy player and to absorb best practices from the region. “We are ready to be involved and become a regional player to learn and gain the best knowledge,” he said Thursday, as quoted by Antara.

CREC currently operates solar power plants with a total installed capacity of 287 megawatts (MW) and is targeting a five-gigawatt (GW) capacity within five years. Of that, 1 GW is expected to come online by the end of 2025.

“This is a country that has done a great job in the renewable energy sector,” Pandu said. “We want to learn how they’ve developed it, how they’ve grown, and our job is to transfer part of that knowledge back to Indonesia.”

The deal shows Danantara’s strategic role in managing Pertamina NRE’s assets and expanding its portfolio beyond Indonesia. It also highlights the fund’s focus on securing sustainable cash flows.

“The only reason I made this investment in the Philippines is to gain access to strong cash flow,” Pandu added. “Cash flow is critical, especially in our sector, and I want to grow Danantara’s cash flow ecosystem.”