Citicore Renewable Energy Corp. (CREC) is accelerating its solar power expansion, aiming to commission two gigawatts of new capacity by 2026—tripling its current portfolio and bringing the company closer to its long-term 5-gigawatt (GW) target.

“Several projects awarded under the government’s second Green Energy Auction program are expected to be energized during the first quarter of next year,” CREC President and CEO Oliver Tan said on Friday. He added that the initial projects are nearing completion, with the company currently working on connection points with the National Grid Corporation of the Philippines (NGCP).

Following the first phase, Citicore plans to launch five additional renewable energy projects across North Luzon, South Luzon, and the Visayas. The 2-GW expansion would increase the company’s operational portfolio to 3 GW, marking 60% of its broader 2028 target. Tan cautioned that “much work remains,” and timelines may be affected by weather conditions.

To ensure grid stability amid the rapid rollout, Citicore will integrate battery energy storage systems into the new solar sites. The aggressive construction schedule also requires a significant increase in spending, with capital expenditures expected to double this year to roughly PHP 114.5 billion from PHP  57.25 billion in 2025.

Tan said the bulk of the funding is earmarked for projects secured under the Department of Energy’s fourth Green Energy Auction, where Citicore won 1,212 megawatts of ground-mounted solar and integrated storage capacity. Financing will be a mix of 70% conventional debt and 30% equity. 

“Because with Megawide, we’re an engineering company, so how we modularize, how we design buildings, the same discipline we’re applying to solar plants so it can accelerate the construction,” Tan said, explaining how operational learnings from previous projects support the aggressive rollout.

With Citicore’s planned 3-gigawatt capacity by 2026, how will this impact the competitiveness and pricing of renewable energy in the Philippines?

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