Citicore Renewable Energy Corp. (CREC) saw an 11 percent increase in net income to P1 billion in 2024 from P910 million in the previous year due to stronger electricity sales and a broader customer base.

In a stock exchange filing on Tuesday, CREC said revenues surged 40 percent to P5.1 billion from P3.7 billion, as electricity sales jumped 42 percent to P4.2 billion. 

The growth was propelled by increased generation output and diversified portfolio of off-takers, including direct corporate clients, the government’s Feed-In-Tariff program, and the Wholesale Electricity Spot Market.

“The robust growth in our electricity sales greatly contributed to our increased revenue. We thank our customer base for the trust they place in our pure renewable energy portfolio. 

We are optimistic that we will gain further momentum as we energize our first gigawatt (GW), which will benefit from our off-take contract with the government through the Green Energy Auction program,” CREC President and CEO Oliver Tan said.

Earnings before interest, taxes, and depreciation (EBITDA) rose 16 percent to P1.8 billion from P1.5 billion.

Last year, CREC debuted on the Philippine Stock Exchange and raised P5.3 billion, including a P733 million investment from the UK Government’s MOBILIST program as an anchor investor.

In the third quarter, 13 of CREC’s projects received Certificates of Energy Project of National Significance from the Department of Energy, expediting implementation.

In October, the company partnered with Levanta Renewables, backed by UK-based Actis, for its first onshore wind project. It also secured key supply deals with Trinasolar for 2-GW of solar PV modules and Sungrow for 1.5-GW of battery energy storage systems.