hawkplay Citicore eyes higher capex for 2025

Citicore Renewable Energy Corp. (CREC) may spend more this year than the P35 billion it earmarked for 2024, as the group beefs up its clean power portfolio.

Oliver Tan, CREC president and chief executive officer, said the group might disclose its capital expenditures next month, but noted that the investment is “most likely higher” than the previous period.

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“We’ll be very busy [sourcing from] both capital market… and most likely debt,” Tan said when asked about how CREC intends to fund this year’s spending.

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READ: Pertamina subsidiary to take 20% stake in CREC

The company has set a goal of expanding its portfolio with 5,000 megawatts (MW) in five years, with 1,000 MW fired up annually.

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“We’ll end the year with almost 1.2 gigawatts [or 1,200 MW]. Actually, not only that, we’re rolling out the second gigawatt pipeline this year,” the official said.

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Tan said that the group has four solar developments in Tuy, Batangas; one in Arayat, Pampanga; two in Pangasinan; and two in Pagbilao, Quezon — all nine of which are expected to be switched on within the year.

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The first 200 MW, which may go online by April, would come from its projects in Batangas. The remaining 800 MW, meanwhile, would be activated by the second half of this year.

Most of the projects are being through under the second round of the government’s Green Energy Auction or GEA 2, according to Tan.

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In July 2023, CREC was one of the big winners in the bidding as it secured the concession for 916.58 MW of generating capacity, which includes solar and wind.

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The GEA program is one initiative of the government to accelerate the shift to clean energy. Winning bidders can then gain power supply agreements with the government, ensuring the profitability of the projects.

CREC started 2025 strong as it received a financial boost from PT Pertamina Power Indonesia, with the latter acquiring a 20-percent stake in CREC for P6.7 billion.

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The National Highway Traffic Safety Administration said in documents that it opened the probe on Thursday after the company reported four crashes when Teslas encountered sun glare, fog and airborne dust.

Peza Director General Tereso Panga and PNOC President and Chief Executive Officer Oliver Butalid signed a memorandum of understanding last October 14 at the PNOC Networking Hall.

Following this agreement, CREC was upbeat about its capability to roll out more clean energy projects not just in the Philippines, but also in Indonesia. Likewise, PT Pertamina could take advantage of CREC’s expertise in project development.

PT Pertamina’s partnership with CREC marked the Indonesian firm’s debut in the Philippines.hawkplay

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