Citicore Renewable Energy Corporation (CREC) says that it is on its way to achieving its ambitious target of delivering 5 gigawatts (GW) within 5 years.
“We built up speed through a combination of pioneering financing activities, securing new projects, sustaining pipeline delivery, and strengthening our foundation in ESG,” CREC President and CEO Oliver Tan.
CREC’s current portfolio includes 10 solar power facilities spread throughout the Philippines, collectively providing a gross installed capacity of 285 megawatts (MW).
In 2023, the company achieved a revenue of Php 3.68 billion, reflecting a 32% growth compared to the previous year. This revenue came from electricity sales, CREIT operating lease agreements; and service fees.
Additionally, the firm’s EBITDA grew by 10% to Php 1.51 billion, up from Php 1.37 billion in the previous year, while net income marked an increase of 9%, reaching Php 910 million, from 2023’s Php 834 million.
CREC accelerating its renewable energy (RE) initiatives through the largest allocation in the Department of Energy’s Green Energy Auction Program (GEAP) 2, as the company was awarded 430 megawatt alternating current (MWac) for ground-mounted solar and 362 MWac for onshore wind, amounting to a total of 792 MWac.
“We have laid down our tracks for the past eight years, and we remain confident in our ability to deliver. Not only are we blazing forward knowing how critical our business offering is to the pressing issues of our country, but we are taking our investors through this journey of Powering a First World Philippines with Pure Renewable Energy,” said Tan.
The company completed its 115 MW Arayat-Mexico Solar Plant, a project with AC Energy, in March 2023. It also embarked on constructing the largest solar facility in Batangas and established a deal with SM Prime Holdings to supply 90 MW from CREC’s Tuy, Batangas Plant.
Currently, CREC is advancing towards its 5 GW objective by developing its initial gigawatt across eight project locations throughout the country, leveraging its robust engineering expertise and extensive end-to-end development and operational skills.
