Citicore Renewables caps 11th anniversary with 1-GW feat

Insider Spotlight

• Renewable energy capacity reaches 1 GW
• CREC is targeting 5 GW within five years
• Solar and battery storage will drive further expansion
  
  
  
  

Citicore Renewable Energy Corporation (CREC) has reached 1 gigawatt (GW) of installed renewable energy capacity as it celebrates its 11th anniversary, marking a key step in its push to expand its clean energy footprint across the Philippines.

The renewable energy developer celebrated the milestone with partners, regulators, financial supporters and employees during its anniversary gathering on Sept. 25.

CREC chairman Edgar Saavedra said the company is aiming to grow its renewable energy capacity fivefold to 5 GW within five years, with support from regulators and industry partners.

"Our vision at Citicore is to reach 5 GW within five years. To achieve that vision and to deliver, we need the support of our partners and regulators. We would not be here without all of you. Hopefully, we can support the transition to pure renewable energy,” Saavedra said.

The bigger picture

CREC has completed 21 solar sites while building community and environmental programs alongside its renewable energy projects, according to a company release.

Its initiatives include AgroSolar farming, where crops are cultivated along the aisles of solar panels, as well as technical skills training, local employment, reforestation and coastal cleanups. Its EcoLoop program also repurposes retired solar panels.

The company credited 14 financial institutions for helping finance its nationwide expansion, including BDO Unibank, Bank of the Philippine Islands, Rizal Commercial Banking Corporation, Philippine National Bank, Land Bank of the Philippines, Development Bank of the Philippines, Security Bank, Bank of China and HSBC, as well as several investment banking affiliates.

What’s next

CREC president and CEO Oliver Tan said projects the company won under the Green Energy Auction-2 (GEA-2) program are complete, with only energization and commissioning remaining.

"All projects under the Green Energy Auction-2 (GEA) program that we won are complete, with only energization and commissioning remaining. This proves that our regulators' initiatives truly work,” Tan said.

“As we prepare for GEA-4, we will continue to support the DOE and ERC in achieving the country's energy transition goals. We will put our money and effort where our mouth is and continue investing to make this transition a reality.” Tan said.  —Princess Daisy C. Ominga | Ed: Corrie S. Narisma