Citicore Renewable Energy Corp. is preparing to roll out about 2.3 gigawatts of renewable energy capacity through 2026 and 2027, as it moves to convert a growing project pipeline into operating assets.
CREC President and CEO Oliver Tan said projects now in the ready-to-build and construction stages are expected to be energized by end-2026 or early 2027. The planned additions would significantly expand the company’s combined gross installed capacity, currently at about 1.2 GW.
“For this year, up to next year, we’re targeting to roll out around 2.3 gigawatt,” Tan said during the PSE STAR Investor Day forum on Tuesday.
The rollout will require about USD800,000 to USD1 million per megawatt, putting the estimated capital requirement at roughly USD1.8 billion.
The expansion comes as CREC enters the next phase of its growth story on the back of stronger earnings. Net income jumped 92 percent in the first half, supported by improved profitability margins. Revenue reached about P2.77 billion, while management said its financial position remained solid following investments and loan infusions.
Yet the scale-up also highlights the infrastructure constraints facing renewable developers. CREC identified grid availability as the sector’s biggest bottleneck, followed by the lengthy process of securing permits from national and local governments.
Land availability presents another challenge, particularly for utility-scale solar projects. CREC is responding through agrisolar developments, clustered projects, and more efficient panel technologies that can increase generation without requiring proportionately more land.
Tan said the constraints have not diminished CREC’s long-term outlook, with the country’s energy transition expected to sustain demand for new renewable capacity for at least another decade.
“There’s room for everyone,” he said, pointing to continued opportunities for capacity and revenue growth as the Philippines expands its renewable energy base.
