Citicore Renewable Energy Revenue Leaps 29% to P3.89 Billion in 3Q 2024

Citicore Renewable Energy Corporation’s (CREC) revenue leaps 29% to P3.89 billion in the first nine months of 2024 from P2.62 billion from the same period last year. This growth was primarily driven by the 36% increase in electricity sales to P2.85 billion, which benefitted from a diversified mix of offtakers composed of direct corporate and industrial clients, sales under the government’s Feed-In-Tariff (FIT) program and through direct selling to Wholesale Electricity Spot Market (WESM).

Earnings before interest, taxes, and depreciation (EBITDA) likewise improved 8% to P1.22 billion from P1.13 billion and a 6% increase in net income to P756 million from P713 million compared to the same period last year.

“Our electricity sales and trading arm continue to post significant growth, mainly attributed to an expanded customer base and higher contracted rates of renewing customers, a testament to our commitment to provide end-to-end energy solutions,” said Oliver Tan, CREC President and CEO

Forging ahead

Since its IPO listing in the Philippine Stock Exchange (PSE) in June 2024, CREC has made significant strides in the fulfilment of its vision to power a first-world Philippines with pure renewable energy.

“The progress of our 5 gigawatts (GW) in 5 years goal will further boost our performance, with construction of our first GW of solar assets and development of our pipeline projects proceeding as planned,” Tan continued. In September, CREC announced it received additional fuel for project completion with Certificates of Energy Projects of National Significance (CEPNS) from the Department of Energy for 13 projects, emphasizing the government’s commitment to the swift completion of RE projects.

This October, CREC also announced its partnership with Levanta Renewables, a leading Southeast Asia-focused renewable energy platform backed by Actis, on the establishment of a joint venture company for the development of CREC’s first four onshore wind projects totaling 375MW, all of which secured offtake via the Department of Energy’s Green Energy Auction Program.

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).