• Net income climbed 28 percent to P966 million
• Revenues rose to P3.80 billion on higher electricity sales
• New solar baseload and storage projects expanded capacity
Tycoon Edgar Saavedra’s Citicore Renewable Energy Corp. (CREC) reported a 28 percent rise in net income to P966 million in the first nine months of 2025 as broader demand for renewable power and fresh project rollouts reinforced its earnings momentum.
Operating performance showed steady improvement. Earnings before interest taxes and depreciation increased 15 percent to P1.4 billion from P1.2 billion a year earlier. CREC said the lift stemmed from tighter cost discipline and continued expansion of its customer base.
Top line results also strengthened. Revenues reached P3.8 billion from P3.4 billion driven by a 14 percent increase in electricity sales.
“Our performance in the first nine months highlights the effectiveness of our disciplined approach as an end-to-end renewable energy solutions provider. We are working tirelessly to sustain this momentum as we continue advancing toward our goal of energizing our 1GW per year in five years,” said president and CEO Oliver Tan.
Key developments shaping operations
CREC added major assets to its portfolio.
The 197 MWp Citicore Solar Batangas 1 plant entered service in September equipped with a 320 MWh battery system that enables near continuous power delivery and sets a new model for solar baseload generation in the Philippines.
The company also energized the 42 MWp Citicore Solar Pampanga 1 project which pushed total installed capacity to 526 MWp.
Tan said the Batangas facility and its battery system paired with the firm’s AgroSolar Initiative show that dependable clean power is achievable across the country.
Additional projects in Pangasinan Quezon Batangas and Negros Occidental remain on track to reach the one gigawatt targeted capacity for 2025 under the broader five gigawatt in five years roadmap.
What the outlook signals
CREC reinforced its funding pipeline. It closed a P4.40 billion project finance loan with Security Bank and Security Bank Capital for its 125 MWp Pangasinan facility.
The company also secured US$55 million from Pentagreen Capital to support up to 2 GW of solar and storage builds.
The Department of Energy awarded CREC 1,212 MW through the latest Green Energy Auction which guarantees offtake contracts from 2026 to 2029 and strengthens long term revenue stability.
Tan said the company is laying the groundwork for a larger recurring revenue base as more assets come online.
—Edited by Miguel R. Camus
