Citicore Renewable Energy Corp. (CREC) on Monday announced a 28-percent increase in net income to P966 million in the third quarter of 2025, led by strong operational performance and expansion.
The renewable energy solutions provider’s revenue grew 13 percent to P3.8 billion from P3.4 billion in the same period last year. This was due to a 14-percent rise in electricity sales, supported by an expanding customer base.
Earnings before interest, taxes and depreciation (EBITDA) also saw a 15-percent gain, reaching P1.4 billion from P1.2 billion.
“Our performance in the first nine months highlights the effectiveness of our disciplined approach as an end-to-end renewable energy solutions provider. We are working tirelessly to sustain this momentum as we continue advancing toward our goal of energizing our one gigawatt per year in five years,” said CREC president and chief executive Oliver Tan.
CREC marked major milestones with new projects coming online. On Sept. 15, 2025, CREC, along with President His Excellency Ferdinand Marcos Jr., switched on the 197-MWp Citicore Solar Batangas 1.
This is the first solar baseload power plant in the Philippines and is equipped with a 320 MWh Battery Energy Storage System, allowing the facility to potentially dispatch power 24 hours a day, 7 days a week.
In August 2025, CREC energized the 42-MWp Citicore Solar Pampanga 1 Power Plant, bringing the company’s combined gross installed capacity to 526 MWp.
The company plans to energize additional projects in Pangasinan, Quezon, Batangas and Negros Occidental to complete its first one gigawatt goal for 2025, which is part of its greater 5 gigawatts (GW) in 5 years roadmap.
Tan said the Batangas solar plant, which is also equipped with CREC’s pioneering AgroSolar Initiative, “proves that reliable, round-the-clock renewable power is possible in the Philippines.”
To fund its ambitious growth, the company has secured significant financing. In August 2025, CREC signed a project finance loan facility worth P4.4 billion with Security Bank and Security Bank Capital Investment Corp. for its 125 MWp Citicore Solar Pangasinan project in Sta. Barbara.
Shortly after, in October 2025, the company secured an additional $55 million in financing from long-time partner Pentagreen Capital to unlock the implementation of up to two GW of CREC’s solar and battery storage projects in the Philippines.
CREC was also one of the largest winners in the recently concluded Green Energy Auction Program (GEAP)-4 conducted by the Department of Energy (DOE).
The company won 1,212 MW of renewable capacities from ground mounted solar and solar with Integrated Renewable Energy and Energy Storage Systems (IRESS). This secures government offtake contracts for its 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. We continue to support the government in its clean energy transition and remain resolute in being one of the leading renewable energy companies in the country, ultimately providing lasting value for the Filipino people,” said Tan.
