Citicore Renewable Energy Corporation (CREC) has reported a 40% increase in revenue for 2024, reaching PHP 5.1 billion, up from PHP 3.7 billion in the previous year, according to a financial statement released on April 8.
The company attributed the robust growth primarily to a 42% rise in electricity sales, totaling PHP 4.2 billion. This was driven by an expanding client base and increased generation output across various segments, including direct corporate and industrial clients, the government’s Feed-In-Tariff (FIT) program, and the Wholesale Electricity Spot Market (WESM).
“The robust growth in our electricity sales greatly contributed to our increased revenue,” said Oliver Tan, President and CEO of CREC. “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.”
CREC’s 2024 EBITDA rose 16% year-on-year to PHP 1.8 billion, while net income increased 11% to PHP 1 billion from PHP 910 million. The gains reflect the company’s strengthened position in the renewable energy market amid a global shift toward cleaner energy sources.
A significant milestone for CREC in 2024 was its Initial Public Offering (IPO) on June 7, which raised PHP 5.3 billion (approximately USD 90.4 million). The IPO included a USD 12.5 million (PHP 733 million) investment from the UK Government’s MOBILIST program, providing critical capital for CREC’s plan to develop 5 GW of renewable energy capacity within five years.
“CREC’s goal to energize 5 gigawatts of renewable energy in 5 years is in full speed,” said Tan. “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.”
The company’s development pipeline was further bolstered in Q3 2024, when 13 of its projects received Certificates of Energy Project of National Significance (CEPNS) from the Department of Energy, streamlining regulatory processes. In October, CREC entered the onshore wind sector through a partnership with Levanta Renewables, supported by UK-based Actis.
On the supply side, CREC finalized procurement agreements with Trinasolar for 2 GW of solar PV modules and with Sungrow for 1.5 GW of battery energy storage systems (BESS), underscoring its vertically integrated strategy.
CREC’s diversified portfolio—including solar, wind, and hydro projects—along with its strategic off-take agreements, positions the firm as a leading player in the Philippines’ renewable energy transition. As the country reduces reliance on fossil fuels, CREC’s 2024 performance underscores the profitability and scalability of clean energy solutions.
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