CREC fast-tracks nine solar projects this year, aims for 1-GW annual capacity


Citicore Renewable Energy Corporation (CREC) announced it will launch nine solar projects in Batangas, Pampanga, Pangasinan, and Quezon Province this year, aiming to achieve one gigawatt (GW) of capacity annually.

CREC President and CEO Oliver Tan shared in a briefing that the first of these projects will come online in three months, with the rest expected to launch by mid-year.

"We have four solar projects in Tuy, Batangas, one in Arayat, Pampanga, two in Pangasinan, and two in Pagbilao, Quezon that will come online within the year," he told reporters. “[That’s] one gigawatt, [and] these are mostly Green Energy Auction 2 (GEA-2) projects."

"The first batch will be energized in April, and then others by July, August, and September," Tan added.

The first project, located in Batangas, will have a capacity of approximately 200 megawatts (MW), while the subsequent projects will have a combined capacity of 800 MW.

Tan expressed optimism that CREC would reach 1.2 GW of capacity in 2024, with plans to roll out another GW of projects by 2025.

While Tan anticipates a higher capital expenditure (capex) for this year compared to 2024, he said the exact figures will be disclosed next month after a meeting with the board of directors. Last year's capex was P35 billion, and CREC anticipates multiple fundraising activities in the first half of the year, likely including a shelf registration.

Previously, Indonesian-based energy firm PT Pertamina Power Indonesia invested P6.7 billion into CREC to share expertise in project development, engineering, procurement, and construction (EPC) with Indonesia.