Citicore Renewable Energy Corp. (CREC) is moving forward with two wind power projects in partnership with foreign firm Levanta Renewables.
CREC president and CEO Oliver Tan said the first project, a 45-megawatt (MW) wind farm in Camarines Sur, is expected to be completed next year. The second, a larger 150-MW project in Iloilo, is planned for completion by 2029. Tan noted that wind projects generally take three to four years to finish due to the complexity of identifying suitable locations.
Tan also highlighted that the company has not set a specific capacity target for wind energy, as it requires precise siting compared with solar projects, which can be deployed more widely in the Philippines.
For 2026, CREC has allocated up to US$2 billion for capital expenditures, doubling last year’s budget of US$1 billion. About 70 percent of this will come from mixed borrowings, with the remainder funded internally. The investment aims to help CREC reach a renewable energy (RE) and battery energy storage system (BESS) portfolio of up to 3,000 MW by year-end.
CREC’s projects set for completion this year include two in North Luzon, two in South Luzon, and one in the Visayas. Many of these are part of the government’s Green Energy Auction (GEA), which offers fixed power rates for qualified projects that meet target completion dates.
Currently, CREC has an installed renewable capacity of 587 MW, paired with 760 megawatt-hours of BESS. Its diversified portfolio includes solar, hydro, and wind energy, with plans to reach 3,000 MW of wind capacity and 5,000 MW of solar capacity by 2028.
