Citicore Announces Major Capex to Accelerate Growth
Citicore Renewable Energy Corp. (CREC) has unveiled a bold capital expenditure plan, earmarking roughly $2 billion (about P118.9 billion) to accelerate its project rollout and push its capacity toward 3 gigawatts (GW) by the end of the year. The move signals a strong conviction that the Philippines’ renewable energy market is poised for rapid expansion, backed by supportive policy frameworks and rising demand for clean power.
Strategic Focus: Scaling Up Solar, Storage, and Hybrid Projects
CREC’s plan centers on a diversified mix of solar photovoltaic (PV) installations, energy storage systems (ESS), and potential hybrid configurations that combine solar with other technologies. Oliver Tan, CREC president and CEO, emphasized that the company aims to optimize project timelines, streamline procurement, and leverage economies of scale to achieve the ambitious 3 GW target.
This capex push comes as CREC seeks to expand its footprint across the Philippines, tapping regional opportunities and leveraging attractive incentives for renewable energy developers. By accelerating capex, CREC hopes to shorten development cycles, while ensuring that new projects meet stringent technical standards and grid interconnection requirements.
Implications for the Philippine Energy Market
The projected 3 GW of capacity would represent a meaningful addition to the country’s renewable energy portfolio, potentially boosting grid stability and helping reduce reliance on fossil fuels. As the country pursues its climate goals, CREC’s investment aligns with government objectives to increase clean energy generation and diversify the energy mix beyond traditional sources.
Financial and Operational Considerations
Allocating $2 billion is a sizable commitment for CREC, signaling confidence in project economics, offtake arrangements, and favorable financing conditions. The company will need to manage risks related to project delays, supply chain constraints, and regulatory approvals. CREC’s execution strategy is likely to involve phased rollouts, securing long-term power purchase agreements (PPAs), and potentially collaborating with local manufacturers and construction partners.
From a capital markets perspective, investors will be watching CREC’s ability to translate capex into steady capacity additions, timely completions, and predictable returns. The 3 GW mark would put CREC among the leading private renewable developers in the Philippines and could attract strategic partnerships or consortium financing to support scale-up.
Outlook for 2024 and Beyond
As CREC ramps up its development pipeline, the company’s near-term priorities will include securing regulatory approvals, optimizing site selection, and securing financing for multiple concurrent projects. If successful, the 3 GW target could catalyze stronger competition in the region, encouraging other developers to accelerate their own renewable deployments.
About CREC
Citicore Renewable Energy Corp. is part of the Citic Group’s footprint in Southeast Asia, focusing on renewable projects across solar, storage, and hybrid configurations. The company has framed its capex expansion as a commitment to sustainable growth and to providing reliable, affordable clean energy to communities across the Philippines.
