Citicore Renewable Energy Corp. (CREC) has set aside up to $2 billion in capital spending for 2026, double last year’s roughly $1 billion budget, as it ramps up renewable energy and battery storage projects.
CREC president and CEO Oliver Tan said the funds will support the company’s goal of reaching up to 3,000 megawatts (MW) of renewable energy and battery energy storage system (BESS) capacity by year-end. Most of the projects are those that qualified under the fourth round of the government’s Green Energy Auction (GEA), with some plants from earlier auction rounds set to be energized in the first quarter.
Under the GEA, renewable energy developers compete for fixed power rates, with projects required to meet set completion deadlines to keep their incentives.
Tan said about 70 percent of the company’s capex will be financed through borrowings, while the remaining 30 percent will come from internal funds. Projects scheduled for completion this year include two in North Luzon, two in South Luzon, and one in the Visayas.
While CREC remains optimistic about the renewable energy sector, Tan warned that the weak Philippine peso could increase costs, as around 50 to 60 percent of the company’s equipment is imported. Rising prices of key commodities such as silver and copper, used in solar panels and cables, were also cited as adding pressure to capital expenditures.
CREC currently has 587 MW of installed renewable energy capacity nationwide, supported by 760 megawatt-hours of BESS. Its portfolio includes solar, hydro, and wind projects, with plans to develop up to 3,000 MW of wind capacity over the medium to long term, alongside a 5,000 MW solar pipeline through 2028.
