CITICORE Renewable Energy Corp. (CREC) has allocated a capital expenditure (capex) budget of greater than $1 billion (around P56 billion) for this yr, with the vast majority of the funds earmarked for its first gigawatt (GW) of solar energy projects, its president said.
“Total capex for 2025 would roughly be around north of $1 billion,” CREC President and Chief Executive Officer Oliver Y. Tan said in the course of the company’s virtual annual stockholders’ meeting on Monday.
Mr. Tan said a lot of the budget had already been spent within the early a part of the yr to finance the 1-GW solar projects expected to be energized before yearend.
The balance is allocated for the second set of solar projects, that are scheduled to interrupt ground within the second half of the yr.
Last yr, CREC earmarked a capex of around P35 billion, primarily for renewable energy (RE) projects.
CREC goals so as to add 1 GW of capability annually to the Philippines’ energy mix, specializing in ready-to-build or under-construction projects over the following five years, targeting a complete of roughly 5 GW by 2028.
While the corporate continues to be relatively recent, Mr. Tan said CREC takes pride in its “vertical integrated business model.”
“We’re an RE developer. At the identical time, we now have an in-house engineering, procurement, and construction arm. Post-energization, we also operate and maintain our plant in-house,” he said.
He said this business model gives the corporate two benefits: speed of execution and value competitiveness.
“In line with [the] Department of Energy, we corner 20% of total solar generated output for the past three years. We aim to take care of the identical market share, if not increase [it], upon the energization of virtually one gigawatt before the top of the yr,” Mr. Tan said.
For the primary three months, CREC reported an attributable net income of P137.89 million, up 15.4% from the previous yr, driven by higher electricity sales.
CREC, directly and thru its subsidiaries and joint ventures, manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply services.
At present, the corporate has a combined gross installed capability of 285 megawatts from its solar facilities within the Philippines. — Sheldeen Joy Talavera
