This led to a 6 percent increase in earnings before interest, taxes, depreciation and amortization, totalling P765 million, with a net income of P456 million.
“CREC attributes this robust performance to our portfolio of 10 operating solar power facilities with a combined gross operating capacity of 285 megawatts (MW), making us the second largest solar platform in the country,” said CREC president and CEO Oliver Tan.
“We ensure optimal performance in our plants to augment grid capacity for peak demand requirements,” he added.
Next milestone
CREC is also closing in on its target to reach 1,000 MW.
“The full impact of the power generation revenues will be felt next year since projects currently under construction will start to be energized by then. We will focus on adding solar capacity and looking at other opportunities that take us closer to our five gigawatts in five years goal,” Tan said.
CREC was the second company to list on the Philippine Stock Exchange this year, raising P5.3 billion. Notably, the offer included a $12.5 million (P700 million) investment from the UK Government’s MOBILIST programme.
Healthy power sales
During the first half, CREC said electricity sales made up 83 percent of revenue. This was driven by an 11 percent increase in sales to commercial and industrial customers, reaching almost P1.1 billion.
Additional revenue came from the government’s feed-in-tariff program, which generated P271.82 million, and sales through the wholesale electricity spot market, totaling P57.84 million.
