CREC projects sixfold growth in RE capacity by 2025

SAAVEDRA-LED Citicore Renewable Energy Corp. (CREC) expects its gross installed capacity for renewable energy (RE) to grow up to six times as it aims to add 1,000 megawatts (MW) of capacity per year over the next five years.

“From a growth perspective, this year, we’ll end the year with gross installed capacity of 285 [MW]. Next year, we should grow by six times…so from 285 [MW], it will be almost 1,300 MW,” CREC President and Chief Executive Officer Oliver Tan said in an interview.

CREC currently has a combined gross installed capacity of 285 MW from its 10 solar power facilities in the Philippines.

The company is constructing eight projects worth approximately one gigawatt (GW), underway to achieve its goal of five GW of capacity by 2028.

In June, CREC listed its P5.3-billion initial public offering on the Philippine Stock Exchange, which included a $12.5-million investment from the United Kingdom’s MOBILIST program.

“The full impact of the power generation revenues will be felt next year since projects currently under construction will start to be energized by then. We will focus on adding solar capacity and looking at other opportunities that take us closer to our five-GW-in-five-years goal,” Mr. Tan said in a statement last week.

For 2024, the company has allocated P35 billion in capital expenditure for its renewable energy projects.

CREC, directly and through its subsidiaries and joint ventures, manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply services. — Sheldeen Joy Talavera