Citicore Renewable Energy Corp. (CREC) is on track to complete its 1,000-megawatt (MW) target by the end of 2025, with a total combined gross installed capacity of 526 megawatt-peak (MWp) to date.
CREC said in a statement on Monday it recently energized the 42 MWp Citicore Solar Pampanga 1 Power Plant and the 197 MWp Citicore Solar Batangas 1.
The Batangas facility is equipped with a 320 megawatt-hour (MWh) battery energy storage system, allowing it to mitigate solar intermittency and potentially dispatch power 24 hours a day, 7 days a week.
The company said it will continue to energize projects in Pangasinan, Quezon, Batangas, and Negros Occidental to reach the completion of its first 1-gigawatt (GW) goal for 2025—part of its greater 5 GW in 5 years roadmap.
“At CREC, we don’t just build renewable energy facilities, we create a holistic positive impact anchored on our innovation and approach to nation-building. Our Batangas solar plant, with its battery energy storage system and also equipped with our pioneering AgroSolar Initiative, proves that reliable, round-the-clock renewable power is possible in the Philippines,” said Oliver Tan, CREC president and chief executive.
“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,” he said.
CREC actively pursues avenues to fund its projects and secure long-term offtake contracts.
In August 2025, CREC signed a project finance loan facility with Security Bank and Security Bank Capital Investment Corporation worth 4.4 billion pesos to power its 125 MWp Citicore Solar Pangasinan project in Sta. Barbara.
In October 2025, the company secured another $55 million in financing with long-time partner Pentagreen Capital to unlock the implementation of up to 2 GW of CREC’s solar and battery storage projects in the Philippines.
CREC also won 1,212 MW of renewable capacities from ground-mounted solar and solar with Integrated Renewable Energy and Energy Storage Systems (IRESS) under the Green Energy Auction Program (GEAP)-4. This secures government offtake contracts for its projects from 2026–2029, ensuring a steady and cost-competitive income stream.
CREC posted a 28 percent increase in net income to P966 million as of the third quarter, backed by sustained growth in its operating performance. Revenues increased by 13 percent to P3.8 billion from P3.4 billion in the same period last year, primarily driven by a 14 percent increase in electricity sales supported by a growing customer base.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) also gained 15 percent, ending at 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 1 GW per year in 5 years,” Tan said.
