New plants fuel Citicore’s H1 income to hit P1.2B

MANILA, Philippines — Saavedra-led Citicore Renewable Energy Corp. (CREC) soared by 92 percent in the first half following the activation of more power plants.

The group said on Monday that its net income jumped sharply to P1.2 billion from P630 million in the same period last year.

READ: CREC secures P4-B loan for two solar farms

Article continues after this advertisement

Revenues for the January to June period also rose by 4 percent to P2.77 billion from P2.66 billion.

Electricity sales alone provided the highest contribution at 87 percent of the top line, with figures hitting P2.41 billion, 5.5 percent higher than last year’s P2.28 billion.

The firm’s earnings before interest, taxes, depreciation, and amortization improved by 63 percent to P1.5 billion.

“The significant improvement in our margins demonstrates the strength and scalability of our growing operating portfolio,” CREC president and CEO Oliver Tan said in a statement.

“We are building on this momentum as we continue working to bring more projects online, expand our capacity, and strengthen our contribution to the country’s clean energy transition,” Tan said.

Article continues after this advertisement

CREC has an ambitious target of expanding its renewable energy capacity to 5 gigawatts (GW) by 2028. So far, the company has already installed 1.2 GW of solar capacity.

It has interests in solar and onshore wind projects in the Philippine market.

Article continues after this advertisement

As it accelerates expansion efforts, Tan was confident of firing up more clean power facilities nationwide.

“We are encouraged by the progress we have made in expanding our operating portfolio,” Tan said.

“We acknowledge that there is significant room to grow. Our next phase will be about translating this scale into capacity as we work toward our 5 GW target,” he added.

Supporting this target, CREC allotted about $2 billion to launch more solar projects.

Last month, the company said it had obtained a P4-billion loan from Land Bank of the Philippines to help finance the construction of two 41-megawatt-peak solar power plants, boosted with 53-megawatt-hour battery energy storage systems. /pai