This surge in revenue was powered by a 36-percent rise in electricity sales, driven by a strategic mix of corporate clients, government feed-in-tariff program sales, and transactions through the wholesale electricity spot market.
The company’s diverse approach to offtakers paid off significantly. Earnings before interest, taxes, and depreciation improved by 8 percent, reflecting efficient operations.
Management’s view
“Our electricity sales and trading arm continues to post significant growth, mainly attributed to an expanded customer base and higher contracted rates of renewing customers, a testament to our commitment to provide end-to-end energy solutions,” said Oliver Tan, CREC president and CEO.
“The progress of our 5 gigawatts (GW) in 5 years goal will further boost our performance, with construction of our first GW of solar assets and development of our pipeline projects proceeding as planned,” he added.
New partnerships
Since going public on the Philippine Stock Exchange in June 2024, CREC has advanced its mission to power the Philippines with 100 percent renewable energy.
In October, CREC revealed a joint venture with Levanta Renewables, supported by Actis, to develop four onshore wind projects totaling 375MW, all backed by contracts from the Department of Energy’s Green Energy Auction Program.
