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Manila Bulletin devider Business devider The Stock Market devider Citicore scores strong credit grade on surging power sales, pipeline

Citicore scores strong credit grade on surging power sales, pipeline

Published Aug 14, 2026 01:19 pm
Citicore Renewable Energy Corp. (CREC) has received an issuer credit rating of PRS Aa Plus (corp.) with a Stable Outlook from Philippine Rating Services Corp. (PhilRatings), driven by the company’s rapid expansion and earnings growth.
An Issuer Credit Rating reflects an opinion on a company's overall creditworthiness and its ability to meet all financial obligations within a one-year horizon.
A rating of PRS Aa (corp.) indicates a strong capacity to meet financial commitments relative to other Philippine corporates, differing only slightly from the highest-rated entities.
PhilRatings noted that the assigned rating and outlook account for CREC’s strong growth trajectory despite its relatively short operating history, supported by vertically integrated operations and robust industry support for renewable energy.
The rating agency also highlighted CREC’s ability to secure investments and forge strategic partnerships with reputable institutions, its profitability and cash flow generation backed by long-term contracts, and its manageable capital structure despite aggressive expansion in a capital-intensive sector.
Since launching in 2015, CREC has significantly expanded its operations, growing from three operating assets with a combined capacity of 103 megawatts (MW) to 21 solar assets with a total capacity of 1,218 MW as of end-June 2026. Under its "5 Gigawatts (GW) in 5 Years Roadmap," the company targets adding an average capacity of 1 GW per year through 2029.
Although CREC’s operational portfolio is currently purely solar, the company plans to diversify into onshore wind power.
In 2023, CREC secured 360 MW of wind projects under the Department of Energy’s second Green Energy Auction Program (GEAP 2). These projects will be developed through a joint venture with Levanta Renewables, beginning with CREC’s maiden wind project—a 45-MW facility in Camarines Sur—which has yet to begin construction.
Looking ahead, CREC’s electricity sales are expected to remain on an upward trajectory as additional solar projects commence commercial operations. While near-term profitability may be tempered by higher finance costs tied to the company's aggressive expansion, earnings and profit margins are projected to improve over the medium term as its operational renewable energy portfolio expands.

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