Citicore Renewable Energy Corporation (CREC) posted a 38% year-on-year increase in net income after tax to Php630 million in the first half of 2025, driven by higher electricity sales and a broader customer base.

Revenues climbed 28% to PHP 2.66 billion from PHP 2.09 billion in the same period last year, while EBITDA rose 22% to PHP 932 million. Electricity sales grew 32% to PHP 2.29 billion, supported by an expanded mix of corporate and industrial clients, higher contract renewal rates, and participation in the government’s Feed-In-Tariff (FIT) and Green Energy Auction (GEA) program.

“CREC’s pure renewable energy platform remains an attractive choice for direct customers such as corporates and industrials. We continue to expand our customer base through our renewable energy portfolio as well as our commitment to providing tailored and efficient energy solutions,” said CREC President and CEO Oliver Tan.

In June, CREC closed a strategic partnership with Indonesian state-owned Pertamina New and Renewable Energy (Pertamina NRE), marking Pertamina NRE’s first investment in the Philippines. The deal gives Pertamina a 20% stake in CREC and paves the way for joint renewable energy ventures in Indonesia, including solar and wind projects, as well as collaboration on carbon credit initiatives.

The company targets bringing an additional 1 gigawatt (GW) of renewable capacity online by year-end, moving toward its goal of 5 GW within five years. “We are completing one gigawatt worth of solar power plants and incorporating battery energy storage systems in our new projects. We will also energize our first hybrid solar with AgroSolar and battery facility within the second half of the year,” Tan said.

CREC also earned multiple recognitions in FinanceAsia’s Asia’s Best Companies Poll 2025, including Gold for Best Renewable Energy Company, and was honored at The Asset Triple A Sustainable Infrastructure Awards 2025 for Renewable Energy Deal of the Year – Portfolio Financing for its PHp 9.12 billion project finance facility with RCBC.

Do you see CREC’s growth momentum and new Pertamina partnership as a catalyst for larger renewable energy investments in the Philippines and Southeast Asia?

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