BIZ BUZZ: CREC locks in more ‘green energy” deals

Out of 10.19 gigawatts (GW) of awarded renewable capacity, Citicore Renewable Energy Corp. (CREC) has secured more than 1.2 GW under the latest round of the government’s green power auction program.

The renewable energy producer backed by tycoon Edgar Saavedra placed bids for multiple ground-mounted solar and integrated renewable energy and energy storage system projects.

Its projects are located in Isabela, Batangas, Quezon and Negros Occidental.

The facilities are committed for delivery from 2026 to 2029.

Aside from hitting its expansion goals, CREC president and chief executive officer Oliver Tan said participating in the bidding would help the Philippines reach its target of having 50- percent clean electricity by 2050.

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“This is no easy task for any energy player, but we accept this challenge as part of our full support to the government’s clean energy goals,” Tan said.

Just two years ago, CREC also scored big at the second wave of the green energy auction program, clinching about 916 megawatts of solar and onshore wind capacities.