Citicore Renewable Energy Corp., a listed green energy company, posted a 29 percent growth in January-September revenue to P3.89 billion on double-digit increase in electricity sales during the period.
Power sales in the first nine months this year surged 36 percent to P2.85 billion, bolstered by a diversified mix of offtakers, including direct corporate and industrial clients, government’s feed-in-tariff program participants, and direct sales to the Wholesale Electricity Spot Market.
Citicore net income for the period rose 6 percent to P755 million.
This positive financial performance reflects the ongoing expansion of Citicore’s renewable energy footprint and enhancing its operational efficiency.
Oliver Tan, Citicore president and chief executive officer, attributed the growth to the company’s expanded customer base and higher contracted rates for renewing clients. “Our electricity sales and trading arm continue to post significant growth, a testament to our end-to-end energy solutions,” said Tan, highlighting the company’s focus on delivering clean energy across diverse sectors.
Citicore remains on track to achieve its goal of developing 5 gigawatts of renewable energy over the next five years. Recent developments, including the receipt of Certificates of Energy Projects of National Significance for 13 projects and a strategic partnership with Levanta Renewables for onshore wind developments, further underscore the company’s growth trajectory and commitment to the government’s energy transition goals.
