Citicore Renewable Energy Corp. (CREC) reported a 28 percent rise in net income to P966 million in the first nine months of 2025, lifted by higher electricity sales and steady growth in its operations.

In a Monday disclosure, the company said revenues increased 13 percent to P3.8 billion from P3.4 billion last year, driven by a 14 percent jump in electricity sales as the company added more customers. EBITDA also rose 15 percent to P1.4 billion from P1.2 billion.

“Our performance in the first nine months highlights the effectiveness of our disciplined approach as an end-to-end renewable energy solutions provider," CREC President and CEO Oliver Tan said.

"We are working tirelessly to sustain this momentum as we continue advancing toward our goal of energizing our 1 gigawatt per year in 5 years,” he added.

“As we continue to energize new assets and roll out additional capacities, we are building the base for a more robust revenue base in the long-run. 

We continue to support the government in its clean energy transition and remain resolute in being one of the leading renewable energy companies in the country, ultimately providing lasting value for the Filipino people,” Tan added.

The company grew its portfolio with the September launch of the 197 megawatt-peak (MWp) Citicore Solar Batangas 1, the country’s first solar baseload plant, featuring a 320 MWh battery for round-the-clock power.

In August, CREC also energized the 42 MWp Citicore Solar Pampanga 1, bringing its total installed capacity to 526 MWp.

Projects in Pangasinan, Quezon, Batangas, and Negros Occidental are underway to reach its one-gigawatt target for 2025 as part of its five-year, five-gigawatt plan.

To fund its next phase, CREC secured a P4.4-billion project loan in August for the 125 MWp Citicore Solar Pangasinan project and obtained $55 million from Pentagreen Capital in October to support up to 2 GW of solar and battery storage projects.

The company also won 1,212 MW of renewable energy capacity in the Department of Energy’s Green Energy Auction Program 4, with offtake contracts spanning 2026 to 2029.