Citicore Renewable Energy Corp. (CREC) said over the weekend it is allocating $2 billion for its 2026 capital expenditure program to complete its portfolio of 3 gigawatts of solar and battery energy storage projects this year.
CREC president and chief executive Oliver Tan said the company plans to fund the spending through a mix of 70-percent borrowings and 30-percent equity. The firm spent about $1 billion on solar projects in 2025.
Tan said the bulk of the 2026 budget would support projects under the Department of Energy’s fourth round of the Green Energy Auction (GEA) program.
“Capex for the year is approximately $2 billion, compared to around half that, $1 billion, last year,” Tan said, noting that the company would energize its GEA-2 projects in the first quarter.
The company hopes to complete its second and third batches of 1-gigawatt projects this year, with sites located in Luzon and the Visayas.
Tan said the company is targeting substantial completion by the end of 2026, barring any weather conditions or force majeure.
The full-year impact of these projects is expected to contribute to revenues and the bottom line in 2027. The expansion is part of the company’s broader target to reach 5 gigawatts by 2028.
The company is applying lessons learned from its first gigawatt of development and new technology to current construction.
Tan, citing the firm’s background as an engineering company, said modularizing and building design disciplines are being used to accelerate solar construction.
Tan, however, identified the depreciation of the Philippine peso against the US dollar as a significant challenge to costs. He said the company imports 50 percent to 60 percent of its equipment.
High silver and copper prices are also impacting the budget, adding inflationary pressure to the capital program.
CREC’s renewable energy portfolio includes solar, hydro and wind projects. It is the parent firm of Citicore Energy REIT Corp., the first renewable energy real estate investment trust in the Philippines.
