Citicore Renewable Energy Corp. (CREC) is allocating over P35 billion in capital expenditures (capex) this year as part of its growth plan, with the company aiming to end 2025 with approximately 1,200 megawatts (MW) in operational projects. This year’s capex is seen exceeding last year’s budget, according to CEO Oliver Tan, who confirmed the figures would be finalized after presenting the annual operating plan to the board.
The majority of CREC’s new projects are solar farms, with a total of 1,000 MW planned to come online by the end of 2025. The projects, spread across key regions including Batangas, Pampanga, Pangasinan, and Quezon, are part of the second round of the Green Energy Auction (GEA-2) program. The solar installations are seen completed in stages, with the first 200 MW in Batangas set for completion by April and the remaining 800 MW to be operational by September.
Tan also highlighted CREC’s strategy for financing this expansion, mentioning that the company will tap into both the capital markets and debt financing. A shelf registration for fundraising is expected to take place in the first half this year.
As part of its broader vision, CREC plans to increase its total renewable energy capacity, with a target of 1,000 MW annually for the next five years. The company’s diversified portfolio includes solar, hydro, and wind energy projects, with plans for a 3,000 MW wind capacity to complement its solar ambitions, pushing toward a total 8,000 MW by 2028.
This ongoing expansion underscores CREC’s growing role in the Philippines’ renewable energy sector, responding to increasing demand for cleaner energy sources while positioning itself for long-term growth in the green energy market.
