Citicore Renewable revenue boosts 28% to P2.66 billion in H1 2025

Citicore Renewable Energy Corporation’s (CREC or “the Company”) posts revenues of P2.66 billion in the first half of 2025, up 28% from P2.09 billion from the same period last year.

Earnings before interest, taxes, and depreciation (EBITDA) also gained 22%, ending at P932 million from P765 million. Net income after tax likewise soared 38% to P630 million from P456 million in the same period last year.

Growth was driven mainly by a 32% increase in electricity sales, from P1.73 billion to P2.29 billion, which benefitted from an expanded diversified mix of off-takers composed of direct corporate and industrial clients, higher renewal rates of current clients, as well as under the government’s Feed-In-Tariff (FIT) and Green Energy Auction (GEA) program.

“CREC’s pure renewable energy platform remains an attractive choice for direct customers such as corporates and industrials. We continue to expand our customer base through our renewable energy portfolio as well as our commitment to providing tailored and efficient energy solutions,” mentioned CREC President and CEO Oliver Tan.

Partners to full power

In June 2025, CREC formally closed its strategic partnership with Indonesian State-Owned enterprise Pertamina New and Renewable Energy (Pertamina NRE). CREC is the first ever investment of Pertamina NRE in the Philippines.

Under the partnership, Pertamina NRE subscribed to a 20% interest in CREC, and CREC gains access to jointly explore renewable energy (RE) investments in Indonesia, including potential development of solar and wind power projects and collaboration related to carbon credit development and trading.

Towards 5GW

CREC’s sees its first additional gigawatt of renewable energy online by the end of the year, in line with its 5 gigawatts (GW) in five years goal.

“We are completing one gigawatt worth of solar power plants and incorporating battery energy storage systems in our new projects. We will also energize our first hybrid solar with AgroSolar and battery facility within the second half of the year. Citicore can achieve baseload levels and fully maximize the use of the facilities by combining agriculture and solar generation,” Tan said.

CREC recently received multiple awards from regional finance publication FinanceAsia’s Asia’s Best Companies Poll 2025, taking Gold for Best Renewable Energy Company, Bronze for Best Energy Company, Bronze for Best Managed Company, Gold for best Small Cap Company, Gold for Most Committed to DEI, and Silver for Oliver Tan as Best CEO. The Asset Triple A Sustainable Infrastructure Awards 2025 also recently awarded CREC with Renewable Energy Deal of the Year – Portfolio Financing for its Php 9.12 billion project finance facility together with RCBC.

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