Citicore Renewable Energy earnings jump 28% in Q3

Revenues increased during the period, thanks to its growing customer base.

Citicore Renewable Energy Corporation (CREC) has reported a 28% increase in net income to reach $16.42m (PHP 966m) in the third quarter of 2025.

According to a regulatory filing, CREC said the strong earnings were backed by sustained growth in its operating performance. Revenues increased by 13% to $64.6m (PHP 3.8b), primarily driven by a 14% increase in electricity sales supported by a growing customer base.

“We are working tirelessly to sustain this momentum as we continue advancing toward our goal of energising our 1 gigawatt per year in 5 years,” said CREC President and CEO Oliver Tan.

In the previous months, CREC switched on the 197 megawatt-peak (MWp) Citicore Solar Batangas 1, the first solar baseload power plant in the Philippines, and energised the 42 MWp Citicore Solar Pampanga 1 Power Plant. These brought the company’s combined gross installed capacity to 526 MWp.

“CREC will continue to energise projects in Pangasinan, Quezon, Batangas, and Negros Occidental to reach the completion of its first one gigawatt goal for 2025 – part of its greater 5 gigawatts (GW) in 5 years roadmap,” the company said.

CREC also actively pursues avenues to fund its projects and secure long-term offtake contracts. The company has signed a project finance loan facility worth $74.8m (PHP 4.4b) to power up its 125 MWp Citicore Solar Pangasinan project in Sta. Barbara. It also secured a $55m financing for the implementation of up to 2 GW of its solar and battery storage projects in the Philippines.

In the Philippines’ Green Energy Auction Program-4, CREC won 1,212 MW of renewable capacities from ground-mounted solar and solar with Integrated Renewable Energy and Energy Storage Systems (IRESS) – one of the largest winners of the said round of auction. This secures government offtake contracts for its projects from 2026 to 2029.

PHP1 = $0.017