Revenue jumped 40 percent to P5.1 billion, as power sales soared 42 percent to P4.2 billion, boosted by stronger demand from corporate clients,
Key figures
• CREC’s power sales were boosted by Feed-In-Tariff (FIT) contracts and trading in the Wholesale Electricity Spot Market (WESM).
• Earnings before interest, taxes, depreciation, and amortization (ebitda) rose 16 percent to P1.8 billion, driven by stronger operations.
• The company raised P5.3 billion through its June initial public offering (IPO), backed by a P733 million anchor investment from the UK’s MOBILIST program.
• Proceeds are funding renewable energy projects under the Green Energy Auction, with CREC targeting 1 gigawatt (GW) capacity by 2025.
Managements’ view
“The robust growth in our electricity sales greatly contributed to our increased revenue. We thank our customer base for the trust they place in our pure renewable energy portfolio,” said Oliver Tan, CREC president and CEO.
“We are optimistic that we will gain further momentum as we energize our first gigawatt, which will benefit from our off-take contract with the government through the Green Energy Auction program,” he added.
Big bets on solar and wind
To scale its pipeline, CREC secured 2GW of solar modules from Chinese solar giant Trinasolar and 1.5GW of battery energy storage systems (BESS) from Sungrow.
It also entered its first onshore wind venture with Levanta Renewables, backed by UK-based renewable energy platform Actis.
