Citicore Renewable Energy Corporation (CREC) has reported a remarkable 40% increase in revenue for 2024, reaching PHP 5.1 billion, up from PHP 3.7 billion the previous year, according to its latest financial press release issued April 8.
The standout driver of CREC’s performance was a 42% rise in electricity sales, totaling PHP 4.2 billion. This growth stems from an expanding customer base and higher generation output across a diverse portfolio, including direct corporate and industrial clients, the government’s Feed-In-Tariff (FIT) program, and the Wholesale Electricity Spot Market (WESM).
“The robust growth in our electricity sales greatly contributed to our increased revenue,” said Oliver Tan, CREC President and CEO. “We are optimistic that we will gain further momentum as we energize our first gigawatt, which will benefit from our off-take contract with the government through the Green Energy Auction program.”
Financially, CREC’s earnings before interest, taxes, and depreciation (EBITDA) rose 16% to PHP 1.8 billion from PHP 1.5 billion in 2023, while net income climbed 11% to PHP 1 billion from PHP 910 million the previous year. These figures reflect not only the company’s operational success but also its ability to thrive amid a global push for sustainable energy solutions.
A defining moment for CREC in 2024 was its Initial Public Offering (IPO) on June 7, raising PHP 5.3 billion (USD 90.4 million), including a notable USD 12.5 million (PHP 733 million) investment from the UK Government’s MOBILIST program. This capital infusion has supercharged CREC’s ambitious plan to deliver 5 GW of renewable energy capacity within five years.
“CREC’s goal to energize 5 gigawatts of renewable energy in 5 years is in full speed,” Tan emphasized. “We remain committed to contributing to the government’s renewable energy targets, and our vision of powering a first-world Philippines with pure renewable energy.”
The company’s momentum is further evidenced by key partnerships and certifications. In Q3 2024, 13 of CREC’s projects earned Certificates of Energy Project of National Significance (CEPNS) from the Department of Energy, expediting their rollout. October marked CREC’s entry into onshore wind energy through a partnership with Levanta Renewables, backed by UK-based Actis. On the supply side, CREC secured agreements with Trinasolar for 2 GW of solar PV modules and Sungrow for 1.5 GW of battery energy storage solutions (BESS), reinforcing its vertically integrated approach.
For an energy sector increasingly focused on diversification and reliability, CREC’s blend of solar, wind, and hydro projects—coupled with its strategic off-take agreements—positions it as a leader in the Philippines’ renewable transition. As fossil fuel dependency wanes, CREC’s 2024 performance signals that renewable energy isn’t just a niche—it’s a scalable, profitable reality.
What are your thoughts on CREC’s rapid rise and its implications for the Philippines’ energy future? Join the conversation—share your insights on how renewable energy developments like this could shape the sector and the nation’s sustainability goals. Let’s discuss!
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