Powering A First-World Philippines

Under the visionary leadership of Edgar B. Saavedra, Citicore Renewable Energy Corporation (CREC) has emerged as a lighthouse of innovation and sustainability in the Philippines' renewable energy sector.

Under Edgar B. Saavedra’s visionary leadership, CREC is turning the dream of a First-World Philippines into reality. I Photos: CREC

With his vast engineering expertise and entrepreneurial acumen, Saavedra, who also chairs Citicore Energy REIT Corp. (CREIT) and Megawide Construction Corporation, has steered CREC toward achieving unprecedented milestones.

From innovative solar farm models to trailblazing regional partnerships, CREC is not just building a company—it’s powering a movement toward a cleaner and greener future.

Innovative Solar Farming: The Dual Harvest Revolution

CREC’s solar farming model exemplifies ingenuity and disruption. By allowing solar farms to co-exist with high-value crops, the company has revolutionized how solar energy projects impact local communities.

This model not only maximizes land use but also ensures farmers retain their livelihoods, transforming potential drawbacks into mutual benefits. It is a testament to CREC’s ability to rethink conventional energy solutions for the greater good.

This year, CREC solidified its position as a renewable energy leader through strategic alliances that broaden its horizons. The landmark partnership with Indonesia’s Pertamina NRE brought in a $115 million investment, facilitating CREC’s regional expansion while contributing to Indonesia’s renewable energy goals.

In parallel, collaborations with global players such as Sungrow, Trinasolar, and Levanta Renewables underscore CREC’s commitment to delivering cutting-edge technology and sustainable energy solutions across the Philippines and Southeast Asia.

Furthermore, CREC attracted international recognition through a significant investment by the UK’s Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) program, a flagship UK government investment program that helps institutions deliver 'Global Goals for Sustainable Development and the climate transition.'

MOBILIST's support reinforces CREC’s potential to spearhead green transformation on a global scale.

Domestically, CREC has set ambitious targets, aiming for 5GW of renewable energy capacity by 2028. The groundbreaking of its 240MW solar power plant in Pangasinan and the development of onshore wind projects highlight its unwavering commitment to sustainability.

CREC’s projects, certified as nationally significant by the Department of Energy, demonstrate the company’s pivotal role in the Philippines' transition to renewable energy.

Innovating Through IPO and REIT Models

CREC’s successful initial public offering (IPO) in June 2024 and its sponsorship of the Philippines’ first renewable energy real estate investment trust, known as CREIT, showcase its innovative financial strategies.

CREIT’s unique green asset portfolio, coupled with consistent revenue growth, has enabled the delivery of above-market dividends, making renewable energy a lucrative sector for investors.

Empowering Communities Through Positive Energy

CREC’s vision extends beyond energy generation—it’s about community empowerment. Whether through pioneering projects that generate jobs, partnerships that foster regional cooperation, or investments in energy storage systems to stabilize the grid,

CREC is building more than infrastructure; it is building hope.

As the Philippines navigates the complexities of energy transition, CREC stands out as a force for good. Its relentless pursuit of innovation, strategic growth, and sustainable practices positions it as a critical player in shaping the nation’s renewable energy landscape.

Under Saavedra’s visionary leadership, CREC is not just meeting targets—it’s setting the benchmark for a cleaner, greener, and more sustainable Philippines.

In the words of Chairman Saavedra: "Together, we have the power to secure our future with renewable energy resources, taking environmental stewardship into account while driving economic growth."

CREC isn’t just about energy—it’s about empowering lives, communities, and a nation.