The growth was fueled mainly by a 47-percent surge in electricity sales, which hit P1.2 billion thanks to a wider customer base and multiple sales channels.
These included direct sales to corporate and industrial clients, participation in the government’s Feed-In-Tariff and Green Energy Auction programs, and trading on the Wholesale Electricity Spot Market.
“Our double-digit growth in electricity sales is a testament of the market’s belief in Citicore’s ability to deliver end-to-end, renewable energy solutions for our climate-conscious customer base,” said Oliver Tan, CREC president and CEO.
Earnings before interest, taxes, and depreciation (Ebitda) also improved by 8 percent, rising to P388 million from P359 million in the same period last year.
CREC is pressing forward with its target to build 5 gigawatts of renewable capacity in five years, completing its first gigawatt this year.
“The energization of our first gigawatt is a game changer for CREC, solidifying our role as a major force in the Philippine renewable energy sector,” said Tan.
Current construction projects span Batangas, Pangasinan, Pampanga, Quezon, and Negros Occidental—part of its GEAP-2 win that secures government offtake contracts.
The company is also preparing to energize its first battery energy storage facility in Batangas in the coming months.
