Citicore Renewable Energy Corporation booked a 3% rise in consolidated revenues to PHP 5.32 billion in 2025, supported by sustained electricity sales and early contributions from newly energized solar assets, according to its latest disclosure.

Electricity sales remained the core revenue driver at PHP 4.29 billion, reflecting stronger contracted retail volumes and improved renewal rates across its customer base. The company also reported net income after tax of PHP 1.15 billion, up 14% from PHP 1.0 billion in 2024, alongside EBITDA of PHP 1.81 billion, a 3% increase year-on-year.

Supporting the earnings uplift were higher service fees, which jumped 34% to PHP 325 million, and a 19% reduction in finance costs following refinancing efforts that improved capital efficiency.

Operational expansion accelerated during the year, with three solar plants—two in Batangas and one in Pampanga—energized in 2025, adding a combined 239 MWdc of capacity. These assets are expected to fully contribute to revenue in 2026 as output ramps up.

The company is preparing to energize six additional solar plants in April 2026 with a combined capacity of 484 MWdc, located across Batangas, Negros Occidental, and Pangasinan. The projects are positioned to strengthen supply during peak demand periods, particularly in the summer season.

A major industry milestone was also achieved in September 2025 with the launch of the country’s first baseload solar facility. The 197 MWp Citicore Solar Batangas 1, paired with a 320 MWh battery energy storage system, is designed to extend solar dispatch beyond daylight hours.

“This milestone demonstrates how innovation in renewable energy can redefine the country’s power landscape,” said Oliver Tan, President and CEO of CREC. “We now have definitive proof that solar, when paired with energy storage systems, can provide a truly reliable source of energy that supports national growth.” 

On the capital side, the company secured a USD 120 million strategic investment from Pertamina New Renewable Energy, representing a 20% stake via share subscription. The deal is backed by Indonesia’s sovereign wealth fund Danantara and marks PNRE’s first investment in the Philippines.

It also obtained USD 55 million in financing from Pentagreen Capital under the FAST-P initiative, supporting a broader rollout plan targeting up to 2 GW of solar generation capacity and 760 MWh of battery storage.

“Smart capital will find its way to compelling investments, like the vision of CREC. Through our transparency, execution discipline, and investors’ trust, we continue to play a vital role in helping the Philippines reach its energy transition targets with our responsive and innovative renewable energy developments,” Tan added.

The expansion signals continued momentum in utility-scale solar buildout as developers increasingly pair generation with storage to address grid reliability and peak demand pressures.

With nearly 1 GW of additional solar capacity in the pipeline and baseload-enabled projects entering operation, how quickly can renewable energy materially shift firm power supply dynamics in the Philippine grid?

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