Citicore Renewable Energy Corporation (CREC) announced a robust 40% increase in revenue for the fiscal year 2024, reaching PhP5.1 billion compared to PhP3.7 billion in the previous year.
This significant growth was primarily attributed to a substantial 42% rise in electricity sales, which amounted to PhP4.2 billion. This surge in electricity sales was driven by both an expanding customer base and increased generation output across CREC’s diversified portfolio of off-takers. These include direct corporate and industrial clients, sales under the government’s Feed-In-Tariff (FIT) program, and direct transactions in the Wholesale Electricity Spot Market (WESM).
“The strong performance of our electricity sales was a key driver of our impressive revenue growth. We appreciate the continued trust our customers place in our commitment to pure renewable energy,” stated Oliver Tan, President and CEO of CREC. “We are optimistic about building on this momentum as we approach energizing our first gigawatt of capacity, which will be supported by our off-take agreement with the government through the Green Energy Auction program.”
CREC also demonstrated improved profitability, with Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increasing by 16% to PhP1.8 billion, up from PhP1.5 billion in 2023. Net income also saw a healthy rise of 11%, reaching PhP1.0 billion from PhP910 million in the prior year.
Strategic Growth Initiatives Underpin Strong Performance
2024 marked a pivotal year for CREC, highlighted by its successful Initial Public Offering (IPO) on the Philippine Stock Exchange on June 7th. The IPO generated PhP5.3 billion (US$90.4 million), which included a significant US$12.5 million (PhP733 million) investment from the UK Government’s MOBILIST program as a cornerstone investor.
“CREC is making rapid progress towards its ambitious goal of energizing 5 gigawatts (GW) of renewable energy within five years,” Mr. Tan added. “Our achievements in 2024, from our successful capital market debut to securing strategic partnerships, have brought us significantly closer to energizing our first GW this year. We remain dedicated to supporting the government’s renewable energy targets and realizing our vision of powering the first-world Philippines with clean, renewable energy.”
Further bolstering its growth trajectory, CREC received Certificates of Energy Project of National Significance (CEPNS) from the Department of Energy for 13 of its projects in the third quarter of 2024, facilitating their expedited development.
In October 2024, CREC also forged a significant partnership with Levanta Renewables, backed by UK-based renewable energy platform Actis, marking the company’s entry into the onshore wind energy sector.
To ensure a robust supply chain for its expansion, CREC secured substantial supply agreements with industry leaders. These include a deal with Trinasolar for 2GW worth of photovoltaic (PV) modules and an agreement with Sungrow for 1.5GW worth of battery energy storage solutions (BESS).
With its strong engineering foundation, vertically integrated operations, and secured off-take agreements, CREC is well-positioned to be a leader in the Philippines’ transition to a renewable energy future.
