CREC sets P119 billion for solar rollout this year

RENEWABLE ENERGY developer Citicore Renewable Energy Corp. (CREC) is earmarking a capital expenditure (capex) budget of around $2 billion (P118.86 billion) this year to finance the rollout of more than a gigawatt (GW) of solar power projects.

Speaking to reporters last week, CREC President and Chief Executive Officer Oliver Y. Tan said the company is gearing up for the development of its solar projects awarded under the government’s latest green energy auction.

CREC secured 1.2 GW of renewable energy capacity in the auction, making it one of the largest winners.

The projects are located in Isabela, Batangas, Quezon, and Negros Occidental.

This year’s capex, which doubled from last year, will be funded through internal cash and bank loans.

CREC, directly and through its subsidiaries and joint ventures, manages a diversified portfolio covering renewable energy generation, power project development, and retail electricity supply.

The company currently has a combined gross installed capacity of more than 500 megawatts (MW) from its solar facilities in the Philippines.

CREC is investing in ready-to-build and under-construction projects to scale its capacity to about 5 GW by 2028.

In line with this target, the company plans to energize 850 MW of solar capacity in the first quarter and aims to reach 3 GW by yearend.

“It’s almost done. We’re just sorting the connection points,” Mr. Tan said.

Mr. Tan said the energy sector is bracing for macroeconomic and industry headwinds this year, including peso depreciation and higher input costs.

“So, the high commodity prices and inflationary pressure in the capex — these are the headwinds we’re trying to manage,” he said. — Sheldeen Joy Talavera