Citicore Renewable Energy Corp. (CREC) saw a 58 percent surge in first-quarter net income, fueled by stronger earnings from its expanding solar portfolio as more renewable energy projects came online.

The listed renewable energy developer said Friday net income climbed to P364 million in the first three months from P230 million a year earlier.

Revenues from January to March reached P1.14 billion during the period, with electricity sales contributing 85 percent of the total, while EBITDA jumped 53 percent to P593 million from P388 million previously as newly energized facilities lifted margins.

Greatly improved profitability

“CREC’s profitability has improved greatly as evidenced by our EBITDA, as we make way for our newly energized solar facilities attributed to our Green Energy Auction Program (GEAP) commitment, among others,” CREC president and CEO Oliver Tan said.

To sustain growth momentum, the company said it is ramping up capacity additions this year, with the Binalonan, Bolbok, and Pagbilao solar plants scheduled for energization in the second quarter.

“Our Binalonan, Bolbok, and Pagbilao solar plants are scheduled for energization in the second quarter, and when those facilities come online, our revenues and earnings will reflect the full scale of what we have built,” Tan said.

Recently-energized solar facilities

CREC recently energized solar facilities in Pangasinan and Negros Occidental, raising its gross renewable energy capacity to 791 megawatt-peak.

The energization of new projects marks another step toward the company’s target of delivering five gigawatts of renewable energy capacity within five years, with more solar facilities in Pangasinan, Batangas, and Quezon lined up for commissioning in the coming quarters.