Citicore Renewable Energy Corporation (CREC or “the Company”) today announced a 28% increase in net income, reaching Php 966 million for the third quarter of 2025. The strong financial performance reflects sustained operational growth and the successful commissioning of major new solar energy projects, including the Philippines’ first solar baseload plant.
CREC’s robust bottom-line results were driven by significant operational growth:
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Total Revenues rose by 13% to Php 3.8 billion from Php 3.4 billion in the same period last year. This increase was primarily due to a 14% rise in electricity sales, supported by a growing customer base.
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Earnings Before Interest, Taxes, and Depreciation (EBITDA) gained 15%, ending the period at Php 1.4 billion from Php 1.2 billion.
“Our performance in the first nine months highlights the effectiveness of our disciplined approach as an end-to-end renewable energy solutions provider,” said President and CEO Oliver Tan. “We are working tirelessly to sustain this momentum as we continue advancing toward our goal of energizing our 1GW per year in 5 years.”
The third quarter saw major capacity additions solidifying CREC’s position as a market leader:
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First Solar Baseload Plant: On September 15, 2025, CREC, joined by Philippine President His Excellency Ferdinand R. Marcos Jr., inaugurated the 197MWp Citicore Solar Batangas 1. This landmark facility is the Philippines’ first solar baseload power plant, equipped with a 320MWh Battery Energy Storage System (BESS) . The BESS allows the plant to mitigate solar intermittency and potentially dispatch power 24 hours a day, 7 days a week, paving the way for reliable, round-the-clock renewable power.
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New Capacity: CREC also energized the 42MWp Citicore Solar Pampanga 1 Power Plant in August 2025, bringing the Company’s combined gross installed capacity to 526MWp.
CREC is on track to complete its first one gigawatt goal for 2025 by energizing new projects in Pangasinan, Quezon, Batangas, and Negros Occidental, as part of its ambitious 5 gigawatts (GW) in 5 years roadmap.
“At CREC, we don’t just build renewable energy facilities, we create a holistic positive impact anchored on our innovation and approach to nation building,” Mr. Tan added. “Our Batangas solar plant, with its battery energy storage system and pioneering AgroSolar Initiative, proves that reliable, round-the-clock renewable power is possible in the Philippines.”
To fuel its accelerated expansion, CREC has successfully secured significant funding and long-term contracts:
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Project Financing: In August 2025, CREC signed a Php 4.4 billion project finance loan facility with Security Bank and Security Bank Capital Investment Corporation for the 125 MWp Citicore Solar Pangasinan project.
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Strategic Partnership: This was followed by securing a US$55 million financing agreement in October 2025 with long-time partner Pentagreen Capital, which will unlock the implementation of up to 2GW of CREC’s solar and battery storage projects.
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Green Energy Auction Program (GEAP-4) Win: CREC emerged as one of the largest winners in the Department of Energy’s (DOE) concluded GEAP-4, securing 1,212MW of renewable capacities. These wins—from ground-mounted solar and solar with Integrated Renewable Energy and Energy Storage Systems (IRESS)—secure government offtake contracts for projects from 2026-2029, ensuring a steady and cost-competitive income stream.
“As we continue to energize new assets and roll out additional capacities, we are building the base for a more robust revenue base in the long run
,” Mr. Tan concluded. “We remain resolute in being one of the leading renewable energy companies in the country, ultimately providing lasting value for the Filipino people and supporting the government in its clean energy transition.”
