RENEWABLE ENERGY developer Citicore Renewable Energy Corp. (CREC) is earmarking a capital expenditure (capex) budget of around $2 billion (P118.86 billion) this yr to finance the rollout of greater than a gigawatt (GW) of solar energy projects.
Chatting with reporters last week, CREC President and Chief Executive Officer Oliver Y. Tan said the corporate is gearing up for the event of its solar projects awarded under the federal government’s latest green energy auction.
CREC secured 1.2 GW of renewable energy capability within the auction, making it considered one of the most important winners.
The projects are positioned in Isabela, Batangas, Quezon, and Negros Occidental.
This yr’s capex, which doubled from last yr, will likely be funded through internal money and bank loans.
CREC, directly and thru its subsidiaries and joint ventures, manages a diversified portfolio covering renewable energy generation, power project development, and retail electricity supply.
The corporate currently has a combined gross installed capability of greater than 500 megawatts (MW) from its solar facilities within the Philippines.
CREC is investing in ready-to-build and under-construction projects to scale its capability to about 5 GW by 2028.
In keeping with this goal, the corporate plans to energise 850 MW of solar capability in the primary quarter and goals to succeed in 3 GW by yearend.
“It’s almost done. We’re just sorting the connection points,” Mr. Tan said.
Mr. Tan said the energy sector is bracing for macroeconomic and industry headwinds this yr, including peso depreciation and better input costs.
“So, the high commodity prices and inflationary pressure within the capex — these are the headwinds we’re attempting to manage,” he said. — Sheldeen Joy Talavera