Citicore Renewable Energy Corporation Charges Forward to 5GW Goal

​Citicore Renewable Energy Corporation (CREC), during its first Annual Stockholders Meeting on August 7, 2024, reaffirmed the delivery of its 5 gigawatts in 5 years goal, highlighting its upward performance and continued sustained track record in 2023.

In his report, CREC President and CEO Oliver Tan outlined the principles behind the company’s decision to pursue its Initial Public Offering (IPO): a strong value proposition as a pure renewable energy developer, its strong track record since 2015, and unique end-to-end development capabilities through synergies in the group led by Chairman, Edgar Saavedra.

2023 was also the year the company ramped up activities to pave the way for the IPO: “We built up speed through a combination of pioneering financing activities, securing new projects, sustaining pipeline delivery, and strengthening our foundations in ESG,” Tan continued.

Performance Highlights

CREC currently has a combined gross installed capacity of 285MW from its 10 solar power facilities strategically located around the Philippines. Its P3.68 Billion revenue in 2023, a 32% increase against the previous year, comprised of three main revenue streams: sale of electricity, currently the largest profit driver; lease income arising from operating lease agreements of CREIT; and service fees. EBITDA also improved at P1.51 Billion, a 10% increase from PhP1.37 Billion in the previous year, while net income is at P910 million, 9% more than previous year’s P834 million.
CREC is also ramping up its renewable energy developments. During the Department of Energy’s Green Energy Auction Program 2, the company was awarded the largest solar capacity of 430MWac for ground-mounted solar and 362MWac of onshore wind, totaling 792MWac.

CREC also accelerated its pipeline rollout through landmark financing deals, namely CREIT’s oversubscribed P4.5 billion maiden ASEAN Green Bond Offering and the US$100 million Mezzanine Construction Green Loan Facility structured by Pentagreen Capital, jointly owned by HSBC and Temasek.

In terms of operations, the company completed the 115MW Arayat-Mexico Solar Plant, a joint venture with AC Energy, in March 2023. CREC also started the construction of the largest solar power plant in Batangas and secured a partnership with SM Prime Holdings to supply 90MW of the latters power requirements from our Tuy, Batangas plant.

The company also expanded its operations with the completion of the 115MW Arayat-Mexico Solar Plant, a joint venture with AC Energy, in March 2023. CREC also started the construction of the largest solar power plant in Batangas and secured a partnership with SM Prime Holdings to supply 90MW of the latters power requirements from our Tuy, Batangas plant.

In December 2023, CREC also participated as part of the Philippine Delegation in the United Nations Climate Change Conference (COP28) in Dubai, UAE, talking about the company’s renewable energy goals for the country in both the Philippine Pavillion and the International Chamber of Commerce zone.

Lastly, the company strengthened its commitment to sustainability with programs of the Citicore Foundation such as its pioneering AgroSolar Initiative that combines food security with renewable energy generation. To date, the company has harvested more than 12,700 kilograms of various crops including pechay, eggplants, turmeric, and chili peppers through this initiative.

CREC is currently constructing its first gigawatt of its 5GW goal in 8 project locations nationwide, driven by its engineering DNA and its end-to-end development and operational capabilities.

“We have laid down our tracks for the past 8 years, and we remain confident in our ability to deliver. Not only are we blazing forward knowing how critical our business offering is to the pressing issues of our country, but we are taking our investors through this journey of Powering a First World Philippines with Pure Renewable Energy,” said Tan.

Citicore Renewable Energy Corporation (CREC) is a leading pure-play renewable energy platform focused on and committed to the development and operation of solar, hydro and wind projects in the Philippines. CREC, directly and through its subsidiaries and joint venture, manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply. CREC is also the sponsor of the Philippine’s first renewable energy REIT, Citicore Energy REIT (CREIT).