Citicore RE Optimistic About Achieving "5 Gigawatts In 5 Years" Power Delivery Goal

Citicore Renewable Energy Corporation (CREC) remains confident in its ability to deliver five gigawatts (GW) of pure renewable energy in the Philippines within the next five years.

CREC also recently held its listing on The Philippine Stock Exchange (PSE). I Photo: Citicore Renewable Energy Corporation Facebook

The company is building on its strong performance and track record established as far back as 2015, aiming to make significant strides in the country’s renewable energy landscape.

CREC President and CEO Oliver Tan highlighted the company’s progress, citing their unique end-to-end development capabilities and strategic synergies within the group led by Chairman Edgar Saavedra.

Tan emphasized the importance of CREC’s mission in addressing the pressing energy needs of the Philippines, saying, "We have laid down our tracks for the past 8 years, and we remain confident in our ability to deliver. Not only are we blazing forward knowing how critical our business offering is to the pressing issues of our country, but we are taking our investors through this journey of Powering a First World Philippines with Pure Renewable Energy."

Currently, CREC has a combined gross installed capacity of 285 MW from its 10 solar power facilities strategically located across the country. The company is actively constructing the first gigawatt of its 5 GW goal across eight project locations nationwide.

In 2023, CREC reported a revenue of PHP 3.68 billion, a 32% increase from the previous year, with net income rising to PHP 910 million, a 9% growth from the previous year's PHP 834 million.

The company's revenue streams are primarily driven by the sale of electricity, lease income from operating lease agreements under Citicore Real Estate Investment Trust (CREIT), and service fees.

CREC is also ramping up its renewable energy developments, having secured the largest solar capacity of 430 MWac for ground-mounted solar and 362 MWac of onshore wind, totaling 792 MWac, from the Department of Energy’s Green Energy Auction Program 2.

The company has accelerated its pipeline rollout through landmark financing deals, including CREIT’s oversubscribed PHP 4.5 billion maiden ASEAN Green Bond Offering and a US$100 million Mezzanine Construction Green Loan Facility structured by Pentagreen Capital, jointly owned by HSBC and Temasek.

Among its recent accomplishments, CREC completed the 115 MW Arayat-Mexico Solar Plant in partnership with AC Energy in March 2023.

The company has also begun constructing the largest solar power plant in Batangas and secured a partnership with SM Prime Holdings to supply 90 MW of power from its Tuy, Batangas plant.

In December 2023, CREC participated as part of the Philippine Delegation at the United Nations Climate Change Conference (COP28) in Dubai, UAE, where it presented its renewable energy goals for the country at both the Philippine Pavilion and the International Chamber of Commerce zone.