Citicore Renewable Revenue Surges 40% in 2024

Citicore Renewable Energy Corporation (CREC) records a 40% surge in revenue to P5.1 billion in 2024 from P3.7 billion in the previous year.

This growth was primarily driven by a 42% increase in electricity sales to P4.2 billion, which benefitted from an increase in customers, as well as higher generation output in its diversified portfolio of off-takers. These are composed of direct corporate and industrial clients, sales under the government’s Feed-In-Tariff (FIT) program, and direct selling to the Wholesale Electricity Spot Market (WESM).

“The robust growth in our electricity sales greatly contributed to our increased revenue. We thank our customer base for the trust they place in our pure renewable energy portfolio. We are optimistic that we will gain further momentum as we energize our first gigawatt, which will benefit from our off-take contract with the government through the Green Energy Auction program,” said Oliver Tan, CREC President and CEO.

Earnings before interest, taxes, and depreciation (EBITDA) likewise improved 16% to P1.8 billion from P1.5 billion in 2023. Net income increased 11% to P1.0 billion from P910 million last year.

Supercharged for growth

2024 is a milestone year for CREC, successfully conducting its Initial Public Offering in the Philippine Stock Exchange on 07 June – raising P5.3 billion (US$90.4 million), including a US$12.5 million (P733 million) investment from the UK Government’s MOBILIST program as an anchor investor in the offering.

“CREC’s goal to energize 5 gigawatts (GW) of renewable energy in 5 years is in full speed. We made great strides in 2024, from our capital market debut to strategic partnerships locked in, bringing us closer to energizing our first GW this year. We remain committed to contributing to the government’s renewable energy targets, and our vision of powering a first-world Philippines with pure renewable energy,” Tan continued.

In the 3rd quarter of 2024, 13 of CREC’s projects received Certificates of Energy Project of National Significance (CEPNS) from the Department of Energy, fast-tracking their implementation.

October 2024 also touched a milestone when CREC chose Levanta Renewables, backed by UK-based RE platform Actis, to be its partner for the company’s first foray into onshore wind.

On the supply front, CREC also secured supply agreements with solar PV industry leader Trinasolar for 2GW worth of PV modules and forged a supply agreement with Sungrow for 1.5GW worth of battery energy storage solutions (BESS).

With its engineering DNA, full vertical integration, and a secured off-take in place, CREC is fully equipped to lead the race towards the country’s renewable energy transition.

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). ​