Citicore Renewable Energy Corporation (CREC) says that advances in technology have made renewable energy (RE) a reliable power source, poised to meet the growing energy demands of the Philippines.
In an interview with BusinessWorld, CREC president and CEO Oliver Tan stressed that RE can serve as a baseload through advanced technology, achieving nearly 100% pure renewable energy.
While acknowledging the intermittent nature of RE, Tan said that conventional energy sources are still necessary during the transition but would eventually play a supporting role.
Tan also recognized the government’s policies on shifting away from fossil fuels, as the country remains a net importer of coal and oil, adding that the ambitious targets offer enough opportunity and time for growth in the RE sector.
CREC, through its subsidiaries and joint ventures, has managed various renewable energy projects and offered services in power project development and retail electricity. Additionally, it established Citicore Energy REIT Corporation (CREIT), the country’s first REIT dedicated to renewable energy.
CREC currently manages 10 solar power facilities in the Philippines, with a combined gross installed capacity of 285 megawatts (MW).
The company is poised to establish eight additional projects with a combined capacity of one gigawatt (GW) as part of its goal to reach 5 GW by 2028.
Additionally, the firm is eyeing to energize 1,000 MW of ongoing projects next year, which will be added to CREIT’s asset portfolio.
With these expansions, CREC anticipates to increase its gross installed capacity to about 1,300 MW, significantly boosting revenues and earnings.
In June, CREC raised Php 5.3 billion through its IPO, with a USD 12.5 million investment from the UK’s MOBILIST program.
Tan highlighted that the full financial impact of the power generation projects will be realized in 2025, once the under-construction plants are fully operational.
Looking ahead, the company aims to increase solar capacity and explore further opportunities to reach its 5 GW target within five years.
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