CREC sets over $1-B capex for first gigawatt goal

Citicore Renewable Energy Corp. (CREC) is investing more than $1 billion (P55.8 billion) in 2025 as it accelerates the realization of its first gigawatt capacity targeted by year-end.

“Total capex (capital expenditures) for 2025 would roughly be around north of $1 billion,” Oliver Tan, CREC president and chief executive, said at the company’s annual stockholders’ meeting on Monday. Last year’s capex was P35 billion.

He noted that the bulk was already spent in the early months of the year, while the remaining amount would eventually help CREC jump-start its push for the second gigawatt.

The group has set an ambitious goal of firing up one gigawatt of clean energy capacity every year up to 2028.

At present, the company’s installed capacity is 285 megawatts sourced from 10 solar power facilities.

According to Tan, the group currently has four solar developments in Tuy, Batangas, one in Arayat, Pampanga, two in Pangasinan and two in Pagbilao, Quezon that would be switched on within the year.

Citing data from the Department of Energy, the executive said CREC held a 20-percent market share of total solar-generated output in the past three years.

“We aim to maintain the same market share, if not increase upon the energization of almost one gigawatt before the end of the year,” he added.

To further pump up its game, the company will equip its solar facilities with battery energy storage systems (BESS), a technology that allows renewable producers to store excess power and release it when the grid needs it.

“By complementing battery energy storage systems with our solar plant, we’re able to expand the delivery of our electricity to cover the night peak, therefore expand our market share and the ability to serve a greater number of customers,” Tan said.

In December last year, CREC inked a contract with Chinese firm Sungrow Power Supply Co., Ltd. for the supply of BESS, with a total capacity of 1.5 gigawatt hours.