Citicore upbeat on expansion, eyes over 2-GW new capacity

MANILA, Philippines — Despite market headwinds, tycoon Edgar Saavedra’s pure-play renewable power platform remains in expansion mode, targeting the activation of over two gigawatts (GW) of capacity through 2027.

Citicore Renewable Energy Corp. (CREC) is planning to bring 2.2 GW of projects online over the next 12 to 24 months, moving closer to its long-term goal of 5 GW in installed capacity.

“We may end the year, if not early next year, at 3.3 GW of gross installed capacity,” CREC president and CEO Oliver Tan said.

The company is likewise on track to reach 1.2 GW by this month or next with the energization of additional solar projects, pending the required grid injection approvals.

Tan said CREC is counting on its massive pipeline of solar and battery energy storage projects to drive its growth trajectory moving forward.

Last November, CREC emerged as one of the biggest winners of the government’s fourth green energy auction round, securing more than 1,200 MW of clean energy capacity.

“The country needs more renewable energy, and we are delivering,” said Saavedra, CREC chairman.

“Every megawatt we add brings us closer to energy independence and a stronger economy. As CREC grows, so does our commitment to national progress – ensuring the Philippines shines brighter than ever,” Saavedra said.

CREC is the sponsor of Citicore Energy REIT Corp. (CREIT), the country’s first RE-focused real estate investment trust listed on the Philippine Stock Exchange.

Saavedra, who also chairs CREIT, said the group remains optimistic about the REIT’s growth prospects, citing its strong positioning to capitalize on the Philippines’ evolving investment landscape and growing demand for sustainable investment opportunities.

“As we move forward, we stay committed to delivering sustainable returns and empowering your investments – anchored on the strength of the REIT sector and the accelerating shift to clean energy,” Saavedra said.