During Citicore Renewable Energy Corp.’s first annual meeting as a publicly listed company, CEO Oliver Tan emphasized the group’s successful track record of completing projects on time over the past decade.
“We have laid down our tracks for the past 8 years, and we remain confident in our ability to deliver,” Tan said on Wednesday.
“Not only are we blazing forward knowing how critical our business offering is to the pressing issues of our country, but we are taking our investors through this journey of Powering a First World Philippines with Pure Renewable Energy,” he added.
CREC is building the first gigawatt of renewable energy across eight project locations nationwide, driven by its engineering expertise and comprehensive development capabilities.
These will be partially funded by process from the company’s P5.3 billion IPO last June.
CREC currently has a combined gross installed capacity of 285 MW from its 10 solar power facilities strategically located around the Philippines.
In 2023, it achieved P3.68 billion in revenue, a 32 percent increase from the previous year, with earnings before interest, taxes, depreciation, and amortization rising 10 percent to P1.51 billion and net income growing 9 percent to P910 million.
