Citicore Renewable Energy Corporation (CREC) announced a significant 41% increase in revenue for the first quarter of 2025, reaching Php 1.4 billion compared to Php 995 million in the same period last year.
This substantial growth was primarily fueled by a 47% jump in electricity sales, which amounted to Php 1.2 billion. The increase in electricity sales was attributed to a growing customer base and a well-diversified portfolio of off-takers. These include direct corporate and industrial clients, sales under the government’s Feed-In-Tariff (FIT) and Green Energy Auction (GEA) program, and direct selling to the Wholesale Electricity Spot Market (WESM).
“Our double-digit growth in electricity sales is a testament to the market’s belief in Citicore’s ability to deliver end-to-end, renewable energy solutions for our climate-conscious customer base,” said Oliver Tan, CREC President and CEO.
The Company also reported an 8% improvement in Earnings Before Interest, Taxes, and Depreciation (EBITDA), reaching Php 388 million from Php 359 million in 2023. Net income also saw an 8% increase to Php 230 million, up from Php 213 million in the previous year.
Charging Full Speed Ahead Towards 5 GW Goal
CREC’s ambitious goal to achieve 5 gigawatts of renewable energy capacity within five years is progressing rapidly, with the completion of its first gigawatt of developments slated for this year. The company is currently actively constructing solar projects in key locations across the Philippines, including Batangas, Pangasinan, Pampanga, Quezon, and Negros Occidental. These projects are part of its successful bid in the Green Energy Auction Program (GEAP)-2, which provides a secure offtake contract with the Philippine government.
“The energization of our first gigawatt is a game changer for CREC, solidifying our role as a major force in the Philippine renewable energy sector,” stated Mr. Tan.
He further added that Citicore is also advancing the development and installation of its initial Battery Energy Storage Systems (BESS) to complement its solar facilities. The first BESS facility, located in Batangas, is expected to be energized in the coming months.
Global and Local Confidence Evident in Q1 Awards
“CREC’s awards in the first quarter are a clear signal of the global community’s confidence in our strategic initiatives such as the IPO, as well as our continued commitment to corporate governance. This puts us on the right track with our 5 GW in 5 years target,” Mr. Tan continued.
CREC’s Initial Public Offering (IPO) received prestigious recognition from The Asset Triple A Sustainable Finance Awards, Global Economic Awards, and the Alpha Southeast Asia 18th Deal & Solution Awards. Notably, Mr. Tan was also recognized as the Best Renewable Energy CEO during the Alpha Southeast Asia awards.
Currently, CREC operates 10 solar assets across the Philippines, boasting a total aggregate capacity of 285MWdc. The company also has a robust pipeline of projects in various stages of development, underscoring its commitment to expanding its renewable energy footprint in the country.
Citicore Renewable Energy Corporation (CREC) is a leading renewable energy company in the Philippines, dedicated to providing sustainable and reliable energy solutions. With a strong focus on solar power, CREC is committed to contributing to the country’s clean energy transition and driving economic growth through its strategic investments in renewable energy projects.
