Citicore Renewable Energy Corporation (CREC) reported a 28% year-on-year increase in net income, reaching PHP 966 million for the first nine months of 2025, driven by higher electricity sales and the commissioning of new solar projects. Revenues for the period rose 13% to PHP 3.8 billion, while EBITDA grew 15% to PHP 1.4 billion, according to the company’s latest financial and operational update released on Monday.
The company said its performance was supported by improved generation and the expansion of its operating portfolio. A key growth driver was the commissioning of the 197MWp Citicore Solar Batangas 1 plant in September, paired with a 320MWh battery energy storage system (BESS) designed to deliver more stable solar output. CREC also energized the 42MWp Citicore Solar Pampanga 1 facility in August, bringing its total installed capacity to 526MWp.
“Our performance in the first nine months highlights the effectiveness of our disciplined approach as an end-to-end renewable energy solutions provider. We are working tirelessly to sustain this momentum as we advance toward our goal of energizing 1GW per year for the next five years,” said CREC President and CEO Oliver Tan.
During the period, the company secured multiple financing packages to support its project pipeline. This includes a PHP 4.4-billion project finance facility from Security Bank and Security Bank Capital for its 125MWp Citicore Solar Pangasinan project, and a USD 55-million funding arrangement with Pentagreen Capital aimed at rolling out up to 2GW of solar and storage projects.
CREC also became one of the top awardees under the Department of Energy’s Green Energy Auction Program 4 (GEAP-4), securing 1,212MW of renewable capacity from ground-mounted solar and solar-plus-storage projects scheduled for delivery between 2026 and 2029. The company said the awarded capacities will help establish long-term and cost-competitive revenue streams.
“At CREC, we don’t just build renewable energy facilities—we create holistic positive impact anchored on innovation and our approach to nation building. Our Batangas solar plant, with its BESS and our pioneering AgroSolar Initiative, demonstrates that reliable, round-the-clock renewable power is possible in the Philippines,” Tan added.
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