CREC profit rises 14% on solar power sales

Citicore Renewable Energy Corp. (CREC), backed by tycoon Edgar Saavedra, realized a 14-percent profit growth last year as it maintained its electricity sales momentum.

In a statement, the company said its net income rose to P1.15 billion from P1 billion.

Consolidated revenues also inched up by 3 percent to P5.32 billion, driven by sustained power sales amounting to P4.29 billion.

Earnings before interest, taxes and depreciation stood at P1.81 billion, a 3-percent improvement from P1.76 billion a year earlier.

In September last year, the group fired up the 197-megawatt peak Citicore Solar Batangas 1, equipped with 320 megawatt hours (MWh) of battery energy storage system (BESS).

“We now have definitive proof that solar, when paired with energy storage systems, can provide a truly reliable source of energy that supports national growth,” CREC president and CEO Oliver Tan said.

It was also in 2025 when the company secured strategic partnerships with foreign and local players, including Pertamina New Renewable Energy’s $120-million investment to get a 20 percent stake in CREC.

New loan

CREC likewise obtained a $55-million financing from Pentagreen Capital to support the deployment of up to 2 gigawatts of solar generation capacity and up to 760 MWh of BESS.

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“Smart capital will find its way to compelling investments … Through our transparency, execution discipline and investors’ trust, we continue to play a vital role in helping the Philippines reach its energy transition targets with our responsive and innovative renewable energy developments,” Tan said.

With three solar farms activated in Batangas and Pampanga last year, CREC is confident of posting a stronger financial position in 2026.

Six more solar facilities, boasting 484 MW of capacity, are seen injecting power into the grid by next month. These plants are located in Batangas, Negros Occidental and Pangasinan.