Citicore Renewable Energy Corporation Reported P2.09 Billion in Revenues in H1-2024, Up 13%

Citicore Renewable Energy Corporation (CREC) posted a 13% increase in revenues to P2.09 billion, as of the first half of 2024. This performance is primarily attributed to a 15% growth in electricity sales to P1.73 billion from P1.5 billion last year. CREC likewise recorded a 6% improvement in earnings before interest, taxes, and depreciation (EBITDA) to P765 million from P723 Million with net income amounting to P456 million.

Revenue drivers

Electricity sales accounted for 83% of CREC’s revenue during the period, with the balance coming from lease income and service fees. Electricity sales is largely composed of revenues from commercial and industrial customers which rose by 11% to P1.08 billion from PhP974.55 million. The rest of the company's electricity sales include revenues from the government’s Feed-In-Tariff (FIT) program which generated P271.82 million; and sales through the Wholesale Electricity Spot Market (WESM) that totaled P57.84 million.

“CREC attributes this robust performance to our portfolio of 10 operating solar power facilities with a combined gross operating capacity of 285 megawatts (MW), making us the second largest solar platform in the country. We ensure optimal performance in our plants to augment grid capacity for peak demand requirements,” said CREC President and CEO Oliver Tan.

Leading the Charge

In June, CREC successfully listed on the Philippine Stock Exchange (PSE), raising P5.3 billion which included a USD12.5 million investment from the UK Government’s MOBILIST programme – their first in the Philippines – which partnered with the PSE to ensure greater investment in sustainable development in the country.

With the construction of CREC’s first 1,000 MW in full speed, Tan said CREC expects a more exciting 2025. “The full impact of the power generation revenues will be felt next year since projects currently under construction will start to be energized by then. We will focus on adding solar capacity and looking at other opportunities that take us closer to our 5 gigawatts in 5 years goal,” he said.

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).