CREC targets 3-GW renewable portfolio by yearend – BusinessWorld Online
SAAVEDRA-LED Citicore Renewable Energy Corp. (CREC) is diversifying its renewable energy (RE) portfolio with the development of onshore wind farms totaling nearly 200 megawatts (MW).
CREC President and Chief Executive Officer Oliver Y. Tan told reporters last week that the company aims to complete a 45-MW wind power project in Camarines Sur by next year. Its 152-MW wind farm in Iloilo is expected to be finished within the next three years.
The wind projects are being developed in partnership with Singapore-based Levanta Renewables, a collaboration established in 2024.
Together, CREC and Levanta are developing four onshore wind projects across Luzon and Visayas with a combined capacity of 375 MW. These projects secured offtake agreements through the Department of Energy’s green energy auction program in 2023.
CREC has doubled its capital expenditure budget for 2026 to around $2 billion to support the rollout of 1.2 gigawatts (GW) of solar power projects.
The company, directly and through its subsidiaries and joint ventures, manages a diversified portfolio spanning renewable energy generation, power project development, and retail electricity supply. It currently operates solar facilities in the Philippines with a combined gross installed capacity exceeding 500 MW.
CREC aims to scale its portfolio to around 5 GW by 2028 and is targeting a 3-GW capacity by the end of this year.
At the local bourse on Tuesday, CREC shares closed unchanged at P4.45 apiece. — Sheldeen Joy Talavera