Revenue rose 28 percent to P2.66 billion, lifted by expanded contracts with corporate clients and government-supported renewable energy programs.
Management’s view
“CREC’s pure renewable energy platform remains an attractive choice for direct customers such as corporates and industrials. We continue to expand our customer base through our renewable energy portfolio as well as our commitment to providing tailored and efficient energy solutions,” said CREC president and CEO Oliver Tan.
Pertamina deal opens Indonesia entry
In June, CREC closed a strategic partnership with Pertamina New and Renewable Energy, the Indonesian state-owned firm’s first-ever investment in the Philippines.
Under the deal, Pertamina subscribed to a 20 percent stake in CREC, enabling the joint exploration of solar, wind, and carbon trading ventures in Indonesia.
Aggressive expansion on track
The company expects to bring online its first additional gigawatt of renewable capacity by yearend, part of a bold five-gigawatt goal within five years.
“We are completing one gigawatt worth of solar power plants and incorporating battery energy storage systems in our new projects. We will also energize our first hybrid solar with AgroSolar and battery facility within the second half of the year,” Tan said.
CREC also swept several honors from FinanceAsia and The Asset, including Gold for Best Renewable Energy Company and Silver for Tan as Best CEO.
—Edited by Miguel R. Camus
