Citicore Renewable Energy Corporation (CREC) has reported an 8 percent increase in net income to P230 million for the first quarter of 2025 from P213 million in the same period in 2024 on the back of higher electricity sales.
CREC said in a disclosure to the Philippine Stock Exchange revenues surged 41 percent to P1.4 billion in the first quarter from P995 million last year.
Revenue growth was primarily driven by a 47 percent 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 chief executive.
Earnings before interest, taxes, and depreciation (EBITDA) likewise improved by 8 percent to P388 million from P359 million in 2023.
CREC is moving full speed to realize its 5 gigawatt in 5 years goal, with the completion of its first GW 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 said 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.
Meanwhile, Tan said CREC’s awards in the first quarter reflect the global community’s confidence in the company’s strategic initiatives such as the initial public offering, as well as its continued commitment to corporate governance.
“This puts us on the right track with our 5 GW in 5 years target,” said.
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 wherein Tan was also named Best Renewable Energy CEO.
CREC operates 10 solar assets with a total aggregate capacity of 285 MW across the Philippines, with a definitive pipeline of projects in various stages of development.
