Citicore Renewable Energy Corp. (CREC) recorded a 38-percent increase in net income in the first six months of 2025 to P630 million from P456 million in the same period last year.
CREC said in a disclosure to the Philippine Stock Exchange Thursday revenues reached P2.66 billion in the first half, up 28 percent from P2.09 billion a year ago.
“CREC’s pure renewable energy platform remains an attractive choice for direct customers such as corporates and industrials. We continue to expand our customer base through our renewable energy portfolio as well as our commitment to providing tailored and efficient energy solutions,” said CREC president and chief executive Oliver Tan.
Earnings before interest, taxes and depreciation (EBITDA) gained 22 percent, ending at P932 million from P765 million.
Citicore said growth as driven mainly by a 32 percent increase in electricity sales to P2.29 billion from P1.73 billion, which benefitted from an expanded diversified mix of off-takers composed of direct corporate and industrial clients, higher renewal rates of current clients, as well as under the government’s Feed-In-Tariff (FIT) and Green Energy Auction (GEA) program.
CREC closed its strategic partnership with Indonesian state-owned enterprise Pertamina New and Renewable Energy (Pertamina NRE) in June. CREC is the first ever investment of Pertamina NRE in the Philippines.
Under the partnership, Pertamina NRE subscribed to a 20-percent interest in CREC, and CREC gains access to jointly explore renewable energy (RE) investments in Indonesia, including potential development of solar and wind power projects and collaboration related to carbon credit development and trading.
CREC is bullish to complete its first additional gigawatt of renewable energy online by the end of the year, in line with its 5 gigawatts (GW) in five years goal.
“We are completing one gigawatt worth of solar power plants and incorporating battery energy storage systems in our new projects. We will also energize our first hybrid solar with AgroSolar and battery facility within the second half of the year. Citicore can achieve baseload levels and fully maximize the use of the facilities by combining agriculture and solar generation,” Tan said.
CREC received multiple awards from regional finance publication FinanceAsia’s Asia’s Best Companies Poll 2025, taking Gold for Best Renewable Energy Company, Bronze for Best Energy Company, Bronze for Best Managed Company, Gold for best Small Cap Company, Gold for Most Committed to DEI, and Silver for Tan as Best CEO.
The Asset Triple A Sustainable Infrastructure Awards 2025 also recently awarded CREC with Renewable Energy Deal of the Year – Portfolio Financing for its P9.12 billion project finance facility together with RCBC.
