Energy firm Citicore Renewable Energy Corp. (CREC) is on track to complete one gigawatt (GW) of renewable energy capacity by year-end, putting it on track to achieve its 5-GW target within five years.

Speaking at the company’s annual stockholders’ meeting on Monday, CREC President and CEO Oliver Tan said preparations are underway for the next wave of projects, with battery energy storage systems being integrated into its solar facilities.

“We hope that our investors, our stakeholders, and our communities continue working and believing in us to reach our vision of Powering a First-World Philippines with Pure Renewable Energy,” Tan said.

To support this expansion, CREC secured a P9-billion portfolio financing deal from RCBC and received a P5-billion investment from SM Investments Corp. into its subsidiary, Citicore Energy REIT Corp.

Despite market uncertainties, the company successfully raised P5.3 billion through its initial public offering (IPO) last year. It closed 2024 with a 40 percent rise in consolidated revenues to P5.1 billion. EBITDA grew 16 percent to P1.8 billion, while net income after tax exceeded P1 billion, marking an 11 percent year-on-year increase.

Electricity sales surged 42 percent, driven by new customer acquisitions and higher generation output. The company’s cash position jumped 247 percent to P8.3 billion, while total assets and equity grew 115 percent and 109 percent, respectively.