Philippine solar power firm CREC earmarks $2 billion spending, eyes 3,000 MW of installed capacity in 2026

Manila: As Filipino energy tycoons rollout grid-scale batteries, solar-power giant Citicore Renewable Energy Corp. (CREC) is accelerating its growth ambitions, committing $2 billion in capital expenditures this year as it positions itself to become one of the Philippines’ largest renewable energy platforms.

The planned investment — double last year’s $1 billion outlay —underscores CREC’s push to rapidly scale its clean energy footprint.

It's current target: 3,000 megawatts (MW) of installed capacity by the end of 2026, according to chief executive officer Oliver Tan.

CREC primarily operates solar farms and grid-scale batteries to deal with power intermittency and support reliable and instant power to the grid.

It now aims to outperform its original rollout plan of adding 1,000 MW annually.

This year alone, the company expects the rollout and substantial completion of its second and third 1,000-MW tranches, marking a significant inflection point in its expansion drive.

From a current operating base of more than 500 MW, CREC is building momentum toward becoming a major contributor to the country’s energy transition.

A substantial portion of this year’s capital will be directed toward projects awarded under the government’s fourth Green Energy Auction (GEA-4).

These projects consist mainly of large-scale solar developments paired with battery energy storage systems (BESS), reinforcing CREC’s focus on reliable, "peaker" plant type dispatchable renewable power.

Geographically, the pipeline is spread across key growth areas, including:

This diversified rollout supports CREC’s long-term objective of reaching 5,000 MW of capacity by 2028, cementing its role as a homegrown renewable energy leader.

Tan acknowledged that external pressures — particularly the weak peso, elevated commodity prices, and inflation — are increasing project costs, as about half of CREC’s equipment is imported.

Tan noted that disciplined execution and scale will be critical in navigating these challenges.

Despite near-term cost pressures, CREC expects its aggressive capacity expansion to translate into stronger financial performance over the medium term, with material earnings impact anticipated by 2027 as new projects come online.

For the first nine months of 2025, CREC posted a net income of P965.64 million ($16.24 million), up from P754.92 million ($12.7 million) a year earlier.

Revenues rose 13 percent to P3.8 billion ($65.6 million) from P3.4 billion ($63.9 million), driven largely by higher power sales, which reached P3.26 billion.

With its rollout roadmap, a growing project pipeline, and state backing for clean energy development, CREC is positioning itself at the forefront of the Philippines’ renewable energy buildout — scaling fasters than originally planned to meet the country’s power needs.