Citicore Sets Aggressive 2026 Capex Target to Reach 3 GW
Citicore Renewable Energy Corp. (CREC) has unveiled a bold capital expenditure plan, allocating roughly $2 billion (about P118.9 billion) to accelerate its project rollout with the goal of achieving 3 gigawatts (GW) of capacity by the end of the year. The move signals the company’s aggressive push to expand its portfolio in the Philippines’ renewable energy landscape as demand for clean power remains strong.
Strategic Aim: From Pipeline to Power
CREC President and CEO Oliver Tan outlined the strategy, emphasizing that the capex will support project development across multiple technologies and geographies within the Philippines. The focus is on fast-tracking permitting, land acquisition, grid interconnection studies, and construction activities to convert a robust project backlog into operational capacity.
What 3 GW Means for the Market
Reaching 3 GW of capacity would position CREC among the more prominent private renewable players in the region, capable of delivering significant clean energy to the grid. This scale could help stabilize supply, support industrial growth, and contribute to the country’s broader decarbonization goals. While the exact mix of solar, wind, and other renewables isn’t disclosed in every update, CREC’s diversified approach is designed to mitigate single-technology risks and optimize land use and resource availability.
Financing and Execution Timeline
The $2 billion capital plan reflects CREC’s confidence in project finance, equity financing, and potential partnerships with local financiers and international investors. Executing a multi-year rollout requires careful sequencing: land rights, environmental clearances, and grid studies must align with procurement and construction schedules. CREC’s leadership suggests a phased approach, where early projects move toward commissioning in the first half of the year, followed by subsequent milestones as the year progresses.
Impact on Local Economies and Jobs
Beyond energy capacity, CREC’s investment is expected to boost local economies through job creation in construction, operation, and maintenance. Regional development benefits may include increased demand for equipment suppliers, service providers, and related infrastructure. Community engagement and stakeholder alignment will be critical to sustaining momentum as projects move from planning to execution.
<h2 Risks and Mitigation Strategies
Rapid scale-up in any energy sector carries risks, including regulatory changes, supply chain volatility, and potential permitting delays. CREC appears to be addressing these challenges with a diversified project pipeline, stringent project management practices, and ongoing dialogue with regulators and local communities. The company also recognizes the importance of grid access and interconnection capacity, which can be limiting factors for fast-paced growth.
<h2 Looking Ahead
As CREC advances its capex plan, observers will watch how efficiently the company converts capital into delivered capacity. If the 3 GW target is achieved by year-end, CREC could become a benchmark for private sector participation in the Philippines’ renewable energy expansion. Stakeholders will also assess how this growth translates into predictable power prices, improved energy security, and long-term investments in sustainable infrastructure.
