Citicore eyes higher capex for 2025
Citicore Renewable Energy Corp. (CREC) may spend more this year than the P35 billion it earmarked for 2024, as the group beefs up its clean power portfolio.
Oliver Tan, CREC president and chief executive officer, said the group might disclose its capital expenditures next month, but noted that the investment is “most likely higher” than the previous period.
“We’ll be very busy [sourcing from] both capital market… and most likely debt,” Tan said when asked about how CREC intends to fund this year’s spending.
The company has set a goal of expanding its portfolio with 5,000 megawatts (MW) in five years, with 1,000 MW fired up annually.
“We’ll end the year with almost 1.2 gigawatts [or 1,200 MW]. Actually, not only that, we’re rolling out the second gigawatt pipeline this year,” the official said.
Tan said that the group has four solar developments in Tuy, Batangas; one in Arayat, Pampanga; two in Pangasinan; and two in Pagbilao, Quezon — all nine of which are expected to be switched on within the year.
The first 200 MW, which may go online by April, would come from its projects in Batangas. The remaining 800 MW, meanwhile, would be activated by the second half of this year.
Most of the projects are being through under the second round of the government’s Green Energy Auction or GEA 2, according to Tan.
In July 2023, CREC was one of the big winners in the bidding as it secured the concession for 916.58 MW of generating capacity, which includes solar and wind.
The GEA program is one initiative of the government to accelerate the shift to clean energy. Winning bidders can then gain power supply agreements with the government, ensuring the profitability of the projects.
