CREC sees increase in CAPEX to support project completion

Citicore Renewable Energy Corporation (CREC) announces an increase in its capital expenditure (CAPEX) as it works to complete its initial 1,000-megawatt (MW) projects. The company is also gearing up for the rollout of its second 1,000 MW project pipeline while accelerating the development of its Battery Energy Storage System (BESS).

In a disclosure to the Philippine Stock Exchange (PSE), CREC said it is exploring various options to finance its capital expenditure, including debt, equity, and the potential issuance of new shares under its shelf registration. 

This disclosure was in response to an article published by the Business World. 

The firm added that it is already evaluating the most effective funding strategy and has assured stakeholders that it will provide updates once a decision is finalized.

Additionally, CREC is targeting a rapid portfolio expansion, striving to bring 1,000 MW of energy capacity online annually, totaling 5,000 MW within five years.

The company is poised to activate nine solar projects this year, including four in Tuy, Batangas, one in Arayat, Pampanga, two in Pangasinan, and two in Pagbilao, Quezon, contributing to its renewable energy goals. 

Moreover, CREC is on track to bring 200 MW online by April, sourced from its Batangas projects, with the full 1,000 MW expected to be fully operational by the second half of the year.

Previously, CREC collaborated with Indonesian company PT Pertamina Power Indonesia, sealing a landmark Php 6.7 billion agreement to support the firm’s potential regional expansion.

The funds secured through the partnership will drive the firm’s ambitious “5GW in 5 Years” roadmap, aiming to add one gigawatt (GW) of green energy capacity each year. These initiatives will address the energy needs of Filipino communities while decreasing reliance on fossil fuels.

“The partnership with Pertamina NRE presents limitless opportunities for Indonesia and the Philippines to collaborate on innovative technologies and practices in renewable energy. It gives a wider stage to CREC’s unique end-to-end capabilities by opening doors in Indonesia even as we drive our developments in the Philippines at full speed,” said CREC President and CEO Oliver Tan.