Citicore Renewable Energy Corporation (CREC) delivered solid financial and operational performance in 2025, underscoring its continued growth and leadership in the Philippine renewable energy sector.
The Company recorded consolidated revenues of Php 5.32 billion, a 3% increase from Php 5.1 billion in 2024, driven primarily by sustained electricity sales amounting to Php 4.29 billion. Growth was supported by the full-year realization of higher renewal rates among electricity retail customers, highlighting the strength and resilience of CREC’s contracted portfolio.
Net income after tax rose by 14% to Php 1.15 billion, compared to Php 1.0 billion in the previous year. Meanwhile, EBITDA reached Php 1.81 billion, up 3% from Php 1.76 billion in 2024, reflecting stable plant operations and disciplined cost management.
The Company’s improved profitability was further supported by a 34% increase in service fees to Php 325 million and a 19% reduction in finance costs, following successful refinancing initiatives that optimized its capital structure.
In 2025, CREC energized three solar power plants—two in Batangas and one in Pampanga—with a combined capacity of 239 MWdc. These facilities are expected to fully contribute to financial performance in 2026.
Looking ahead, six additional solar plants with a total capacity of 484 MWdc are scheduled for energization in April 2026. Located across Batangas, Negros Occidental, and Pangasinan, these projects are strategically positioned to help meet the Philippines’ rising energy demand, particularly during the peak summer season.
In a landmark milestone for the Philippine power industry, CREC launched the country’s first baseload solar power plant in September 2025. The 197 MWp Citicore Solar Batangas 1, equipped with a 320 MWh Battery Energy Storage System (BESS), enables continuous power delivery beyond daylight hours—setting a new benchmark for renewable energy reliability.
The facility was inaugurated in the presence of President Ferdinand Marcos Jr. and Department of Energy Secretary Sharon Garin.
“This milestone demonstrates how innovation in renewable energy can redefine the country’s power landscape,” said CREC President and CEO Oliver Tan. “We now have definitive proof that solar, when paired with energy storage systems, can provide a truly reliable source of energy that supports national growth.”
CREC further bolstered its growth platform in 2025 through strategic international and local partnerships aimed at enhancing capital access and accelerating project execution.
Among these is a USD 120 million investment by Pertamina New Renewable Energy (PNRE) for a 20% stake in the Company through a share subscription agreement. Backed by Indonesia’s sovereign wealth fund, Danantara, PNRE’s investment marks its first entry into the Philippine market.
In addition, CREC secured USD 55 million in financing from Pentagreen Capital—its partner since 2023 under Singapore’s FAST-P initiative—to support the rollout of solar projects totaling up to 2 gigawatts (GW) of generation capacity and up to 760 megawatt-hours (MWh) of battery storage.
“Smart capital will find its way to compelling investments like CREC,” Tan added. “Through transparency, execution discipline, and strong investor confidence, we continue to play a vital role in advancing the Philippines’ energy transition with responsive and innovative renewable energy solutions.”
