Citicore Renewable Energy’s earnings up 8% in Q1

Thanks to a surge in revenue during the period.

Citicore Renewable Energy Corporation (CREC) has reported an 8% increase in its net income, settling at $4.14m (PHP 230m) in the first quarter (Q1) of 2025.

The company said in a bourse filing that its revenue also jumped 41% to $25.19m (PHP 1.4b), thanks to a 47% increase in electricity sales to $21.60m (PHP 1.2b), 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),” CREC said.

CREC said it remains on track to meet its five-gigawatt goal in five years, with the completion of its first gigawatt of renewable energy developments this year. Solar projects are currently being constructed 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.

CREC President and CEO Oliver Tan also said that the company is working on its first battery energy storage systems to complement its solar facilities, with its first facility in Batangas to be energised in the next few months.

$1 = PHP 55.55