Citicore RE Revenues Surge 29% To ₱3.89 Billion

Citicore Renewable Energy Corporation (CREC) reported a 29% year-on-year increase in revenues, reaching P3.89 billion in the first nine months of 2024.

Since its IPO on the PSE in June 2024, CREC has progressed towards its “5 GW in 5 years” target, with construction on its first gigawatt of solar capacity proceeding as planned. I Photo: Citicore Renewable Energy Corporation

This growth was driven primarily by a 36% increase in electricity sales, totaling P2.85 billion, supported by a diversified customer base that includes corporate clients, government-supported Feed-In-Tariff (FIT) sales, and sales via the Wholesale Electricity Spot Market (WESM).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 8% to P1.22 billion, while net income grew 6% to P756 million.

“Our electricity sales and trading arm continue to post significant growth, mainly due to an expanded customer base and higher contracted rates from renewing clients,” said CREC President and CEO Oliver Tan.

Since its IPO on the PSE in June 2024, CREC has progressed towards its “5 GW in 5 years” target, with construction on its first gigawatt of solar capacity proceeding as planned.

In September, CREC received Certificates of Energy Projects of National Significance (CEPNS) from the Department of Energy for 13 projects, reinforcing government support for renewable energy.

In October, CREC also formed a joint venture with Levanta Renewables, backed by Actis, to develop four onshore wind projects totaling 375 MW.