That executive was Oliver Tan, then a senior leader at Megawide Construction, who would eventually leave his role as chief financial officer of the engineering firm to help scale the renewable energy business under the Citicore Power.
Ownership reshaped at the founder level
More than a decade after that strategic shift began, Citicore Renewable Energy Corp. has reshaped its ownership, elevating co-founder Tan into a direct 10 percent shareholder of the renewable energy firm he helped build.
The change follows the declaration of property dividends by Citicore Power Inc., which distributed its entire stake in CREC to its two shareholders to streamline founder-level ownership.
Based on the latest filings, Tan—who serves as CREC president and CEO—will directly own 10.01 percent of the listed company through Purple Seed Capital Holding Inc.
His shares are worth around P4.8 billion, based on the company’s current market price.
Saavedra remains CREC's single-largest shareholder
Tan holds a degree in Business Administration from the Philippine School of Business Administration and currently holds senior leadership roles across the Citicore and Megawide groups, spanning renewable energy, infrastructure, real estate, and real estate investment trust platforms.
Saavedra, CREC chair and co-founder, through Citicore Holding Investments Inc., will directly own about 40.03 percent, with the two founders collectively retaining majority ownership and management control of the group.
Business continuity
“We remain fully aligned in our strategic direction and fully committed to sustaining CREC’s momentum in the renewable energy sector,” Tan said.
“This initiative strengthens our shareholders’ ability to support CREC’s continued expansion, while preserving stability and transparency across our operations,” he added.
Scale today, growth ahead
Today, Citicore Renewable Energy Corp. is a publicly traded firm with a market value of about P48 billion.
It is one of the country’s fast-growing solar developers, operating large-scale plants that supply power to businesses and the national grid.
The company said the restructuring will not disrupt operations or affect CREC’s ability to meet obligations under existing loan agreements, with its project pipeline and financing arrangements remaining intact.
The stock rose nearly 1 percent to P4.28 per share, adding to gains of over 33 percent in 2025.
—Edited by Miguel R. Camus
