SAAVEDRA-LED Citicore Renewable Energy Corp. (CREC) said its net income rose by 14% to P1.15 billion in 2025, driven by higher revenue and lower costs.
Consolidated revenues grew by 3% to P5.32 billion, supported by stronger electricity sales, the company said in a statement on Monday.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 3% to P1.81 billion.
CREC said earnings growth was supported by a 34% increase in service fees to P325 million and a 19% decline in finance costs following refinancing initiatives.
Last year, the company energized three solar plants in Batangas and Pampanga with a combined capacity of 239 megawatts (MW), which are expected to contribute fully to its financial performance this year.
In September 2025, CREC switched on what it described as the country’s “first baseload solar power plant” through a 197-MW solar farm in Batangas, equipped with a 320-megawatt-hour battery energy storage system.
“This milestone demonstrates how innovation in renewable energy can redefine the country’s power landscape. We now have definitive proof that solar, when paired with energy storage systems, can provide a truly reliable source of energy that supports national growth,” CREC President and Chief Executive Officer Oliver Tan said.
The company said it plans to activate six more solar plants in Batangas, Negros Occidental, and Pangasinan next month, with a combined capacity of 484 MW.
CREC has earmarked about $2 billion in capital expenditures this year to fund the rollout of more than one gigawatt of solar power projects.
CREC, directly and through its subsidiaries and joint ventures, manages a portfolio spanning renewable energy generation, power project development, and retail electricity supply.
The company currently has a combined gross installed capacity of more than 500 MW from its solar facilities in the Philippines. — Sheldeen Joy Talavera
