Citicore Renewable Energy Corp. (CREC) said it more than doubled its renewable energy capacity in 2025 and is preparing for another wave of expansion as it pursues its goal of developing 5 gigawatts (GW) of renewable energy projects within five years.

During its annual stockholders’ meeting on Monday, CREC highlighted a year marked by new project energizations, major auction wins, fresh capital partnerships, and continued growth in its renewable energy portfolio.

CREC Chairman Edgar Saavedra said the company energized Citicore Solar Batangas 1 (CS1) in September 2025, describing it as “the country’s first baseload solar plant.”

“The country needs more renewable energy, and we are delivering,” Saavedra said.

Located in Tuy, Batangas, the facility combines 197 megawatts-peak (MWp) of solar capacity with a 320-megawatt-hour battery energy storage system, allowing it to deliver electricity beyond daylight hours.

Saavedra also cited the energization of the Arayat 3A solar farm in Pampanga and other projects that brought 239 MW of additional capacity online during the year.

“Together with our other new facilities, we now contribute 239 megawatt of additional capacity—enough to power 350,000 households annually, a 133% increase from 2024,” he said. 

The company’s aggressive buildout comes as the Philippines seeks to accelerate renewable energy deployment to meet growing electricity demand and reduce dependence on imported fuels.

A key milestone for CREC was its performance in the Department of Energy’s Green Energy Auction Program Round 4 (GEA-4), where it secured 1,212 MW of renewable energy capacity, making it one of the auction’s largest winners. The awarded projects include integrated renewable energy and energy storage systems across several provinces.  

CREC President and CEO Oliver Tan said the company ended 2025 with revenues of PHP 5.32 billion, EBITDA of PHP 1.81 billion, and net income of PHP 1.15 billion.

“Our total assets grew significantly—up 69% to PHP 81.15 billion,” Tan said.

He added that CREC’s installed capacity doubled to 597 MW following the energization of the Lumbangan, Luntal, and Arayat 3A projects.

“With the energization of Lumbangan, Luntal, and Arayat 3A, our capacity doubled to 597 megawatts. And we are not slowing down. Our pipeline of projects positions us to more than double capacity again in the near term,” Tan said. 

The company’s expansion has also been backed by strategic investors and lenders.

Tan said Indonesia’s Pertamina New and Renewable Energy became a 20% shareholder in CREC, marking the Indonesian firm’s first investment outside its home market. The stake acquisition was completed earlier this year. 

CREC also secured financing support from Pentagreen Capital for its solar and battery storage developments, further strengthening its funding base for upcoming projects. 

The company’s stockholders’ meeting message comes weeks after CREC reported a 58% increase in first-quarter 2026 net income to PHP 364 million, supported by newly energized solar facilities. 

As of the first quarter, the company said its gross renewable energy capacity had reached 791 MWp, with additional projects in Pangasinan, Batangas, and Quezon lined up for commissioning. 

CREC has previously said it plans to spend about USD 2 billion this year to accelerate the rollout of its second and third gigawatts of renewable energy capacity, largely through solar and battery storage projects. 

Tan reiterated the company’s long-term growth ambitions.

“We also expanded through the government’s Green Energy Auction, where we were awarded over 1,200 megawatts of renewable energy capacity. This marks an important step forward as we enter integrated renewable energy and storage systems, and continue moving toward our goal of delivering 5 gigawatts in five years,” he said. 

What do you think of CREC’s push to combine large-scale solar and battery storage projects? Can integrated renewable energy systems meaningfully improve the country’s energy security and reduce power costs over the long term?

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