Citicore Renewable Energy Allocates $2 Billion for 3 GW Capacity Goal

MANILA, Philippines — Citicore Renewable Energy Corp. (CREC) is setting aside roughly $2 billion (about P118.9 billion) to ramp up its project rollout, targeting to hit three gigawatts (GW) in capacity by year-end. CREC president and CEO Oliver Tan said this year’s capital expenditures (capex) would be largely directed toward the projects awarded to the company in the government’s fourth green energy auction (GEA-4) round. “(This is for the) rollout and substantial completion of second and third GW,” Tan told reporters over the weekend, noting that at least 10 projects will be activated. CREC, chaired by tycoon Edgar Saavedra, emerged as one of the biggest winners of GEA-4 last year after securing more than 1,200 megawatts (MW) of renewable energy capacity. The projects, which include solar and battery storage, will be developed across Isabela, Batangas, Quezon and Negros Occidental. In 2025, the company allocated about $1 billion to roll out its first GW of RE projects, with around 850 MW scheduled to come online early this year. If its plans materialize this year, CREC will be on track to achieve its five-GW capacity goal by 2028, Tan noted. This aligns with the company’s broader ambition of becoming one of the country’s largest power producers, a vision first shared during its Philippine Stock Exchange debut in 2024. On the financial side, Tan noted that the projects set to come online this year are expected to make a significant contribution to CREC’s earnings and revenues in 2027.