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Manila Bulletin devider Business devider The Stock Market devider Citicore eyes capacity boost after first-quarter profit surge

Citicore eyes capacity boost after first-quarter profit surge

Published May 15, 2026 01:53 pm
Citicore Renewable Energy Corp. (CREC) reported a 58 percent increase in first-quarter profit as the company accelerated the rollout of its solar portfolio and capitalized on rising electricity sales.
In a disclosure to the Philippine Stock Exchange on Friday, May 15, CREC reported that net income rose to ₱364 million in January to March from ₱230 million a year earlier.
CREC revenue climbed to ₱1.14 billion, driven by energy sales that now account for 85 percent of the company’s total top line.
Earnings before interest, taxes, depreciation, and amortization, a measure of operational profitability, increased 53 percent to ₱593 million. The company attributed the margin improvement to the strategic scaling of its clean energy assets and the sustained performance of its existing facilities.
“Our profitability has improved significantly as we prepare for the full impact of newly energized solar facilities,” CREC president and chief executive officer Oliver Tan said in the statement.
The company is anticipating a further boost in the second quarter as its Binalonan, Bolbok, and Pagbilao plants begin contributing to the grid.
Citicore recently reached a gross total capacity of 791 megawatt peak following the start of operations at its 125-megawatt project in Pangasinan and a 69-megawatt facility in Negros Occidental. The company has several more projects in Batangas and Quezon currently undergoing testing and commissioning.
The expansion is part of the second round of the government’s Green Energy Auction Program, which guarantees long-term off-take for renewable providers.
Citicore said it remains on track to meet its long-term target of 5 gigawatts of total capacity as it seeks to expedite the transition from project development to commercial operations to meet national demand. (Gabriell Christel Galang)

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Citicore Renewable Energy Corp. (CREC) Solar energy
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