Citicore Renewable Energy Corporation (CREC) posted a 58% increase in net income in the first quarter of 2026, reflecting stronger contributions from its expanding solar portfolio and setting the stage for further capacity additions in the coming months.

The listed renewable energy developer reported net income of PHP 364 million for the January-to-March period, up from PHP 230 million from the same period last year.

Revenues reached PHP 1.14 billion, with electricity sales accounting for 85% of the total. Earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 53% to PHP 593 million from PHP 388 million in the same quarter last year, the company disclosed.

“CREC’s profitability has improved greatly as evidenced by our EBITDA, as we make way for our newly energized solar facilities attributed to our GEAP commitment, among others,” CREC President and CEO Oliver Tan said.

The company recently energized solar facilities in Pangasinan and Negros Occidental, increasing its gross renewable energy capacity to 791 megawatt-peak (MWp).

CREC said three more solar projects are scheduled for energization in the second and third quarters of 2026.

“Our Binalonan, Bolbok, and Pagbilao solar plants are scheduled for energization in the second quarter, and when those facilities come online, our revenues and earnings will reflect the full scale of what we have built,” Tan said.

The new projects form part of CREC’s commitments under the government’s Green Energy Auction Program (GEAP), a key mechanism for adding competitively priced renewable capacity to the grid.

“These recent energizations form part of our delivery of GEA-2 projects, showing our unwavering commitment in helping the government and the Filipino people move towards a truly renewable energy future,” Tan said.

“We remain determined to deliver our commitment to developing five gigawatts in five years,” he added.

What do you think of CREC’s pace of project delivery and its potential impact on the country’s renewable energy targets?

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