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Manila Bulletin devider Business devider Robust electricity sales drive CREC's net income to ₱1 billion in 2024

Robust electricity sales drive CREC's net income to ₱1 billion in 2024

Published Apr 8, 2025 06:55 am

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Citicore Renewable Energy Corporation (CREC) reported an 11 percent jump in its net income for 2024, fueled by strong electricity sales.

In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, April 8, CREC said its net income climbed to ₱1 billion in January to December last year, up from ₱910 million in the previous year. 

The company also reported a significant 16 percent increase in its earnings before interest, taxes, and depreciation (EBITDA), reaching ₱1.8 billion.

This robust performance was underpinned by a substantial 40 percent expansion in revenues, growing from ₱3.7 billion to ₱5.1 billion.

Oliver Tan, CREC president and chief executive officer attributed the company's strong financial showing last year to its thriving electricity sales.

“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,” he affirmed.

CREC's power sales surged by an impressive 42 percent to ₱4.2 billion. This surge followed an increase in its customer base and higher generation output from its diverse portfolio of off-takers, which includes direct corporate and industrial clients, sales through the government’s Feed-In-Tariff (FIT) program, and direct transactions within the Wholesale Electricity Spot Market (WESM).

“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 (GEAP),” Tan added with enthusiasm.

A significant milestone for CREC last year was its initial public offering (IPO) on the PSE, which successfully raised approximately ₱5.3 billion (US$90.4 million). This included a notable investment of ₱733 million (US$12.5 million) from the UK government's MOBILIST program.

The company also received a boost from the Department of Energy (DOE), which granted 13 of CREC’s projects a Certificate of Energy Project of National Significance (CEPNS). This designation is expected to expedite the implementation and processing of these renewable energy (RE) projects.

“CREC’s goal to energize 5 gigawatts (GW) of renewable energy in 5 years is in full speed. We made great strides in 2024, from our capital market debut to strategic partnerships locked in, bringing us closer to energizing our first GW this year,” Tan proudly stated.

Further bolstering its ambitions, CREC tapped Levanta Renewables, backed by the RE platform Actis, in October 2024 to collaborate on its onshore wind project.

Moreover, CREC secured crucial supply agreements, including one with solar PV firm Trinasolar for 2 gigawatts (GW) worth of PV modules, and another partnership with Sungrow for a battery energy storage solution (BESS) project with a substantial 1.5 GW capacity.

“We remain committed to contributing to the government’s renewable energy targets, and our vision of powering a first-world Philippines with pure renewable energy,” the CREC chief concluded with a forward-looking perspective.

The company's strategic focus remains on renewable developments across the Philippines, encompassing solar, wind, and hydro projects, alongside managing a diverse portfolio of RE generation projects and retail electricity supply.

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