Citicore Renewable Energy Corporation (CREC) is increasing its investment in clean energy as it pushes forward with an ambitious plan to deliver 5 gigawatts (GW) of renewable capacity within the next five years. With over USD 1 billion in capital expenditures earmarked for 2025 alone, the company is accelerating project development. This is backed by strong financial performance and key support from capital markets.

During its 2025 Annual Stockholders’ Meeting, CREC highlighted the central role that capital investment is playing in its next phase of growth. CREC President and CEO Oliver Tan confirmed that most of the company’s 2025 CAPEX had already been deployed in the first half of the year to support the energization of 1 GW of new capacity by year-end. The remaining balance will fund a second gigawatt, which is expected to break ground approximately in the second half of the year.

CREC’s leadership framed these investments as not only necessary, but strategic. With a vertically integrated model, which handles project development, construction, and operations in-house, the company aims to fast-track execution while keeping costs competitive. The integration of battery energy storage systems (BESS) into its new solar projects is also underway. This extends the reach of solar output into nighttime peak hours and helps meet the growing energy demands of the Philippine grid.

The company’s strong balance sheet has enabled its aggressive build-out. In 2024, CREC raised PHP5.3 billion through its initial public offering, and secured additional funding through a PHP9 billion portfolio loan from RCBC. Meanwhile, its subsidiary Citicore Energy REIT (CREIT) received a PHP5 billion investment from SM Investments Corporation. This further anchors CREC’s renewable energy financing ecosystem.

These efforts have translated into solid financial performance. CREC reported a 40% increase in consolidated revenues in 2024, reaching PHP5.1 billion. EBITDA grew 16% to PHP1.8 billion, and net income after tax climbed 11%, surpassing PHP1 billion. Cash reserves rose by 247% to PHP8.3 billion, while total assets grew to PHP47.9 billion.

Looking ahead, the company remains committed to its long-term goal of  “First-World Philippines powered by Pure Renewable Energy.” Its sustainability work also continues in parallel through the Citicore Foundation, which runs a wide array of programs ranging from tree planting, agro-solar farming, to solar streetlight donations and skills training in partnership with TESDA.

In his closing remarks at the stockholders’ meeting, Tan urged continued support from investors and stakeholders. “We are supercharged, ready to lead the renewable energy transition in the Philippines,” he said, reinforcing the company’s vision and momentum as it breaks ground on the next stage of its 5GW journey.

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