Citicore Renewable Energy Corp. (CREC) said Wednesday it is strongly committed to the delivery of 5 gigawatts in five years, highlighting its upward performance and continued sustained track record.
CREC is constructing the first gigawatt of its 5-GW goal in eight project locations nationwide, driven by its engineering DNA and its end-to-end development and operational capabilities.
“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,” said CREC president Oliver Tan.
CREC has a combined gross installed capacity of 285 MW from its 10 solar power facilities strategically located around the Philippines.
The company posted P3.68 billion revenue in 2023, a 32 percent increase against the previous year, from three main revenue streams: sale of electricity, currently the largest profit driver; lease income arising from operating lease agreements of Citicore Energy REIT Corp. (CREIT) and service fees.
Earnings before interest, taxes, depreciation and amortization also improved to P1.51 billion, a 10-percent increase from P1.37 billion in the previous year, while net income rose 9 percent to P910 million from P834 million.
“We built up speed through a combination of pioneering financing activities, securing new projects, sustaining pipeline delivery, and strengthening our foundations in ESG,” Tan said in his report during CREC’s first annual stockholders meeting.
CREC is also ramping up its renewable energy developments after being awarded several projects under the Department of Energy’s Green Energy Auction Program 2.
The company was awarded the largest solar capacity of 430 MW for ground-mounted solar and 362 MW of onshore wind, totaling 792MW.
