Citicore commits to delivering 5GW of renewable energy

Citicore Renewable Energy Corp. (CREC) said Wednesday it is committed to delivering 5 gigawatts over five years, underscoring its positive results and ongoing strong performance.

CREC is building the first gigawatt of its 5 GW target at eight sites across the country. The project is driven by its engineering DNA and comprehensive development and operational capabilities.

“We have led the way for the past 8 years and remain confident in our ability to deliver. We are not only driving forward knowing how critical our business proposition is to our country’s pressing issues, but we are also leading our investors on this journey of powering the Philippines to the first world with clean, renewable energy,” said CREC President Oliver Tan.

CREC has a total gross installed capacity of 285 MW from 10 solar power plants strategically located across the Philippines.

The company’s revenue in 2023 was PHP 3.68 billion, up 32% year-on-year, from three main revenue sources: electricity sales, which is currently the largest source of profit; leasing income from Citicore Energy REIT Corp. (CREIT) operating leases; and service fees.

Earnings before interest, taxes, depreciation, and amortization also increased to PHP1.51 billion, up 10 percent from PHP1.37 billion in the previous year, while net income increased 9 percent to PHP910 million from PHP834 million.

“We gained momentum through a combination of pioneering financing activities, securing new projects, maintaining supply and strengthening our ESG foundation,” Tan said in his report at CREC’s first annual general meeting of shareholders.

CREC is also accelerating its development of renewable energy sources after being awarded several projects under the Department of Energy’s Green Energy Auction Program 2.

The company received the largest solar capacity of 430 MW for ground-based installations and 362 MW for onshore wind installations, for a total of 792 MW.