Citicore Renewable Energy Corporation (CREC) has confirmed that it is exploring potential regional expansion opportunities and domestic acquisitions, but emphasized that plans are still in the early stages of evaluation.

In a disclosure to the Philippine Stock Exchange dated July 29, CREC responded to a news report published by The Business Times International, which quoted CEO Oliver Tan discussing the company’s interest in entering Southeast Asian markets, including Indonesia, Cambodia, and Myanmar, and considering a secondary listing overseas.

“The Company confirms that it is exploring various growth strategies including, but not limited to, those cited in the above-mentioned news article,” CREC said in its clarification. “However, the Company would like to clarify that these opportunities are still in the early and preliminary stages of study and evaluation.”

Tan told The Business Times that Indonesia was the “first step towards regional expansion,” citing the potential to build solar facilities there and export green energy to Singapore to support data center demand. He also described Cambodia and Myanmar as “exciting” markets due to strategic and geographic factors.

Domestically, Tan pointed to consolidation opportunities in the fragmented Philippine solar market, revealing that CREC is reviewing three project-based acquisition prospects, which he expects to close before the end of 2025.

When asked about the possibility of a secondary listing in Singapore, Tan reportedly said, “That’s an option,” while acknowledging alignment with CREC’s regional ambitions.

CREC said it will comply with all relevant regulatory requirements and secure necessary approvals should any of the discussed opportunities progress beyond the evaluation phase.

What impact could CREC’s next moves have on the Philippine solar market and regional energy landscape? Let us know your thoughts.

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