Citicore Renewable Energy Corporation (CREC) recorded a 28% increase in net income to PHP 966 million in the first nine months of 2025, supported by higher electricity sales and the entry of new solar capacity into commercial operations.

The company reported PHP 3.8 billion in revenues, up 13% year on year, while EBITDA rose 15% to PHP 1.4 billion, according to its financial and operational update released on Monday. CREC attributed the growth to expanded operations and improved generation across its portfolio.

A major contributor was the commissioning of the 197MWp Citicore Solar Batangas 1 plant in September, paired with a 320MWh battery energy storage system (BESS) that the company said allows more stable delivery of solar power. CREC also energized the 42MWp Citicore Solar Pampanga 1 facility in August, bringing total gross installed capacity to 526MWp.

“Our performance in the first nine months highlights the effectiveness of our disciplined approach as an end-to-end renewable energy solutions provider. We are working tirelessly to sustain this momentum as we continue advancing toward our goal of energizing our 1GW per year in 5 years,” said CREC President and CEO Oliver Tan.

The company secured new funding to support its development pipeline, including a PHP 4.4-billion project finance facility with Security Bank and Security Bank Capital for the 125MWp Citicore Solar Pangasinan project, and a USD 55-million financing package from Pentagreen Capital to help roll out up to 2GW of solar and storage projects.

CREC also emerged as one of the largest awardees in the Department of Energy’s Green Energy Auction Program 4 (GEAP-4), obtaining 1,212MW of renewable capacity from ground-mounted solar and solar-plus-storage projects for delivery between 2026 and 2029. The company said the awards will help secure a long-term, cost-competitive revenue stream.

“At CREC, we don’t just build renewable energy facilities, we create a holistic positive impact anchored on our innovation and approach to nation building. Our Batangas solar plant, with its battery energy storage system and also equipped with our pioneering AgroSolar Initiative, proves that reliable, round-the-clock renewable power is possible in the Philippines,” Tan added.

What does CREC’s expanded solar-plus-storage portfolio signal for the Philippines’ shift toward more dispatchable renewable power? Share your thoughts.

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