CREC raises 2025 budget to $1 billion 

Renewable energy (RE) developer Citicore Renewable Energy Corp. (CREC) has earmarked an even higher capital expenditures (capex) allocation for this year to support the goal to achieve its capacity-building projects for 2025, according to a report by Manila Bulletin.

During the company’s annual stockholders’ meeting (ASM) on Monday, June 9, Oliver Tan, president and chief executive officer (CEO), disclosed that their capex budget for this year has increased compared to figures in 2024.

“Total capex would roughly be north of $1 billion (approximately %u20B155.8 billion). Most of them has already been spent [in the] early parts of the year for the one gigawatt (GW) before the end of the year,” he said.

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Earlier this year, Tan shared that CREC spent around %u20B135 billion on its RE projects in 2024.

The CREC chief also mentioned during the ASM that the second batch of spending will be done towards the second half of the year, in line with the goal to energize an additional one GW of capacity, which would contribute to the company’s roadmap of five GW in the next five years.

Most of the expected projects to be energized this year have been included in the Department of Energy’s (DOE) second green energy auction (GEA-2) in 2023.

Additionally, he expressed that CREC’s soon-to-be completed solar plants with infused battery energy storage systems (BESS) would further expand their market share.

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“We hope that our investors, our stakeholders, and our communities continue working and believing in us to reach our vision of powering a first-world Philippines with pure RE,” Tan said in his speech.

Meanwhile, its RE real estate investment firm, Citicore Energy REIT Corp. (CREIT), assured the acquisition of new solar operating assets from CREC toward the end of the year.

“Once these RE facilities are online, we expect to surge in tandem with CREC, further giving merit to our value-accretive strategy,” Tan said in a separate ASM.

“As we continue our asset expansion, we aim to provide a more significant income acceleration to empower your investments and leave a positive impact on our communities and the environment,” he added.