Citicore Renewable Energy Corp. (CREC) is accelerating investments in solar power, battery energy storage systems (BESS) and integrated renewable projects after reaching 1 gigawatt (GW) of installed capacity, setting its sights on a 5-GW portfolio within five years.
The milestone comes as CREC marks its 11th year and positions itself for the government’s next round of Green Energy Auctions, with the company seeking to scale its nationwide renewable energy footprint.
“Our vision at Citicore is to reach 5 GW within five years,” CREC Chairman Edgar Saavedra said, noting that continued support from regulators and industry partners would be important to meeting the target.
CREC has completed 21 solar sites and said all projects it secured under the Green Energy Auction-2 program have been completed, with energization and commissioning still underway.
President and CEO Oliver Tan said the company would continue deploying capital as it prepares for the fourth Green Energy Auction, or GEA-4, and supports the government’s broader energy transition goals.
“We will put our money and effort where our mouth is and continue investing to make this transition a reality,” Tan said.
The expansion will extend beyond conventional solar generation. CREC plans to deploy BESS and integrated renewable energy solutions in more areas, as storage becomes increasingly important for managing intermittent power generation and shifting electricity to periods of higher demand.
The company’s growth has been supported by 14 financial institutions, including major domestic and international banks.
CREC said it would also continue community initiatives alongside project expansion, including AgroSolar farming, technical skills training, local hiring, reforestation, coastal cleanups and EcoLoop, which focuses on repurposing retired solar panels.
