CREC Posts Strong 41% Revenue Growth in Q1 2025

Citicore Renewable Energy Corporation (CREC) records a 41% surge in revenue to P1.4 billion in the first quarter of 2025 from P995 million last year.

Growth was primarily driven by a 47% increase in electricity sales to P1.2 billion, aided by an increase in customers and a diversified portfolio of off-takers. These are composed of direct corporate and industrial clients, sales under the government’s Feed-In-Tariff (FIT) and Green Energy Auction (GEA) program, and direct selling to the Wholesale Electricity Spot Market (WESM).

“Our double-digit growth in electricity sales is a testament of the market’s belief in Citicore’s ability to deliver end-to-end, renewable energy solutions for our climate-conscious customer base,” said Oliver Tan, CREC President and CEO.

Earnings before interest, taxes, and depreciation (EBITDA) likewise improved by 8% to P388 million from P359 million in 2023, while net income increased 8% to P230 million from P213 million last year.

Charging full speed ahead

CREC’s 5 gigawatt in 5 years goal is at full speed, with the completion of its first gigawatt of renewable energy developments this year. The company is currently constructing solar projects in Batangas, Pangasinan, Pampanga, Quezon, and Negros Occidental – all part of its Green Energy Auction Program (GEAP)-2 win which provides a secured offtake contract with the Philippine government.

“The energization of our first gigawatt is a game changer for CREC, solidifying our role as a major force in the Philippine renewable energy sector,” said Tan.

He added that Citicore is also undertaking the development and installation of its first Battery Energy Storage Systems (BESS) to complement its solar facilities, with its first facility in Batangas to be energized in the next few months.

Global and local community confidence in the first quarter

“CREC’s awards in the first quarter area signal of the global community’s confidence in our strategic initiatives such as the IPO, as well as our continued commitment to corporate governance. This puts us on the right track with our 5 GW in 5 years target,” Tan continued.

CREC’s IPO garnered awards from The Asset Triple A Sustainable Finance Awards, Global Economic Awards and the Alpha Southeast Asia 18th Deal & Solution Awards, during which Mr. Tan was also named Best Renewable Energy CEO.

CREC is currently operating 10 solar assets with a total aggregate capacity of 285MWdc across the Philippines, with a definitive pipeline of projects in various stages of development.

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).