Citicore Renewable Energy Corporation (CREC) powered up its earnings in the first nine months of 2025, posting a 28 percent jump in net income to P966 million on the back of rising electricity sales and a rapidly expanding solar portfolio.
Revenues climbed 13 percent to P3.8 billion, driven largely by a 14 percent rise in electricity sales as CREC’s customer base continued to widen. Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 15 percent to P1.4 billion, underscoring what President and CEO Oliver Tan called the company’s “disciplined approach as an end-to-end renewable energy solutions provider.”
CREC’s growing fleet of solar assets helped fuel investor enthusiasm. In mid-September, the company—together with President Ferdinand Marcos Jr.—switched on the 197 megaWatt-peak Citicore Solar Batangas 1, the country’s first solar baseload plant. Equipped with a 320 megaWatt-hour battery energy storage system, the facility can smooth out solar intermittency and potentially deliver power 24/7. A month earlier, CREC energized its 42 MWp Pampanga 1 project, lifting total installed capacity to 526 MWp.
More projects are lined up across Pangasinan, Quezon, Batangas, and Negros Occidental as CREC aims to complete its first 1 gigaWatt milestone next year, part of its longer-term plan to roll out 5 GW within five years. “We don’t just build renewable energy facilities—we create holistic positive impact,” Tan said, citing the company’s AgroSolar Initiative and the push for baseload-capable clean power.
To keep its pipeline funded, CREC signed a P4.4-billion project finance deal with Security Bank in August for its 125 megaWatt-peak Pangasinan project, followed by a USD55-million facility from Pentagreen Capital to support up to 2 gigaWatts of solar and storage projects.
CREC also secured 1,212 MW n the government’s latest Green Energy Auction, locking in offtake contracts through 2029—assurance of a steady, cost-competitive revenue stream as it races to scale up.
