Citicore Renewable Energy’s revenue jumps 28% in H1

Growth was driven by an increase in electricity sales.

Citicore Renewable Energy Corporation’s (CREC) has posted a $45.22m (PHP 2.66b) revenue in the first half of 2025, up 28% from the same period last year.

According to a regulatory filing, CREC’s earnings before interest, taxes, and depreciation also increased 22% to $15.84 (PHP 932m), whilst net income after tax likewise jumped 38% to $10.71m (PHP 630m).

Growth was driven mainly by a 32% increase in electricity sales to reach $38.93m (PHP 2.29b), which benefitted from an expanded diversified mix of off-takers composed of direct corporate and industrial clients, higher renewal rates of current clients, as well as under the government’s feed-in-tariff and Green Energy Auction programme.

“CREC’s pure renewable energy platform remains an attractive choice for direct customers such as corporates and industrials. We continue to expand our customer base through our renewable energy portfolio as well as our commitment to providing tailored and efficient energy solutions,” said CREC President and CEO Oliver Tan.

In June 2025, CREC formally closed its strategic partnership with Pertamina New and Renewable Energy, making it the first-ever investment of the Indonesian state-owned enterprise in the Philippines.

Under the partnership, Pertamina NRE subscribed to a 20% interest in CREC, and CREC gains access to jointly explore renewable energy investments in Indonesia. This includes potential development of solar and wind power projects and collaboration related to carbon credit development and trading.

CREC sees its first additional gigawatt of renewable energy online by the end of the year, in line with its 5 gigawatts (GW) in five years goal.

Tan said the company will energise its first hybrid solar with AgroSolar and battery facility within the second half of the year.

“Citicore can achieve baseload levels and fully maximise the use of the facilities by combining agriculture and solar generation,” Tan said.

PHP1 = USD0.017