• Revenue up 3 percent to P5.3 billion
• Net income rises 14 percent to P1.15 billion
• 6 new solar plants set for April 2026
Citicore Renewable Energy Corp., the renewable power firm backed by tycoon Edgar Saavedra, posted firmer full-year 2025 earnings, with profit growth outpacing revenue as electricity sales held strong and financing costs declined.
Consolidated revenue reached P5.3 billion in 2025, up from P5.1 billion in 2024, driven by sustained electricity sales of P4.29 billion.
The company attributed this to higher renewal rates among electricity retail customers, highlighting the resilience of its contracted portfolio.
“This milestone demonstrates how innovation in renewable energy can redefine the country’s power landscape. We now have definitive proof that solar, when paired with energy storage systems, can provide a truly reliable source of energy that supports national growth,” CREC president and CEO Oliver Tan said in a statement.
A closer look
Profitability expanded at a faster clip than the top line.
Net income climbed 14 percent to P1.15 billion from P1 billion a year earlier. Earnings before interest, taxes, and depreciation rose 3 percent to P1.81 billion from P1.76 billion.
Margins were supported by cost discipline and lower borrowing costs. Service fees jumped 34 percent to P325 million, while finance costs dropped 19 percent following refinancing efforts.
These trends point to improving earnings quality, with gains coming from both operations and capital structure optimization.
CREC's buildout story
CREC energized three solar plants in 2025 with a combined capacity of 239 megawatts direct current. These are expected to deliver a fuller contribution to revenues in 2026.
A larger growth wave is imminent. Six additional solar plants totaling 484 megawatts direct current are scheduled for energization in April 2026 across Batangas, Negros Occidental, and Pangasinan. These projects are positioned to support peak summer demand.
The company also advanced a key innovation milestone. In September 2025, it switched on what it said is the Philippines’ first baseload solar facility, the 197 megawatt peak Citicore Solar Batangas 1, paired with a 320 megawatt-hour battery system.
Capital backing
CREC secured fresh capital to sustain expansion. Pertamina New Renewable Energy invested $120 million for a 20 percent stake, while Pentagreen Capital extended $55 million in financing to support project rollout.
“Smart capital will find its way to compelling investments, like the vision of CREC. Through our transparency, execution discipline, and investors’ trust, we continue to play a vital role in helping the Philippines reach its energy transition targets with our responsive and innovative renewable energy developments,” Tan said.
—Edited by Miguel R. Camus
