Citicore Renewable Energy

What Citicore Renewable Energy does

Citicore Renewable Energy Corporation (PSE: CREC) is a Philippine utility-scale solar power producer that develops, owns, and operates photovoltaic generation plants across the Luzon and Visayas grids. Its commissioned and recently energized fleet includes the 197 MW solar / 320 MWh battery CS Batangas 1 plant (valued at ~$170M), the 125 MWp Citicore Solar Pangasinan project, the 94 MWp Negros Occidental facility, and a first-phase 75 MW Luzon interconnection from San Manuel, Pangasinan. The company's distinguishing engineering features are an Agri-Solar/AgroSolar elevated-panel dual-use configuration that preserves agricultural activity beneath the array, and a flood-resilient panel design calibrated to Philippine climate conditions.

CREC monetizes output exclusively through long-term power purchase agreements awarded under the Philippines Department of Energy's Green Energy Auction Program (GEAP), feeding generation into the Luzon and Visayas grids for distribution to residential, commercial, and industrial end users. Revenue is therefore contract-driven, capacity- and energy-based, and aligned with the country's 2030 and 2040 renewable energy targets. Pricing is not publicly disclosed and is determined through competitive auction bidding rather than published rate cards. The company has stated an aggressive '5GW in 5 years' expansion target and has mobilized over $252 million in 2025 alone — a $120M facility from PT Pertamina, ~$77M from Security Bank, and a $55M dedicated clean-energy facility from Pentagreen Capital — to fund a pipeline of up to 2 GW of generation and 760 MWh of storage across multiple sites.

Name

Citicore Renewable Energy

Legal name

Citicore Renewable Energy Corporation

Website

https://crec.com.ph

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

Citicore Renewable Energy Corporation is a Philippine utility-scale solar power producer developing and operating photovoltaic and battery storage plants across the Luzon and Visayas grids, selling output through government-auctioned long-term PPAs to supply residential and commercial electricity demand.

Ownership category

akta.pro rank

Product category

Utility-Scale Solar Power Generation

NAICS

Solar Electric Power Generation (221114), Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric Services (4911), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB)

akta.pro secondary industries

Solar Balance-of-Plant EPC (Piles/Foundations, Trenching, Combiner Networks) (EUAEADAJ), Owner’s Engineering, Grid Interconnection & System Studies (PVsyst/Performance Modeling, Protection Studies) (EUACAGAG)

Keywords

• Utility-scale solar generation
• Battery energy storage
• Renewable energy producer
• Agri-solar dual-use
• Grid-connected solar power

Headquarters

HQ city

San Juan

HQ country

Philippines

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D

Revenue model

1. Electricity Generation and Sale: CREC generates electricity through solar PV installations and sells power to utility grids. Revenue is derived from long-term power purchase agreements (PPAs) under the Philippines Green Energy Auction Program, with payments based on capacity (MW) and energy generated (MWh).
2. Capacity-Based Contracts: Revenue streams tied to the contracted capacity of renewable energy plants under government auction mechanisms, providing predictable long-term cash flows aligned with the Philippines' renewable energy targets for 2030 and 2040.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels2 records

Core offering

Citicore Renewable Energy Corporation (CREC) develops, owns, and operates utility-scale solar photovoltaic power plants across the Philippines, with capacities ranging from 69 MWp to 197 MW paired with battery energy storage systems up to 320 MWh. The company generates electricity from these installations and sells power to utility grid operators (Luzon and Visayas grids) under long-term Power Purchase Agreements secured through the Philippines' Green Energy Auction Program. Its portfolio features an Agri-Solar dual-use design that elevates solar panels to allow continued agricultural activity beneath the array.

Product overview

Citicore Renewable Energy Corporation (CREC) operates a portfolio of utility-scale solar power generation projects across the Philippines, featuring innovative 'Agri-Solar' dual-use designs that combine clean energy generation with agricultural productivity. The company's core offerings include solar photovoltaic installations ranging from 69 MWp to 197 MW with integrated battery storage capabilities up to 320 MWh, strategically positioned across Luzon, Visayas (Negros Occidental), and Pangasinan to support national renewable energy targets for 2030 and 2040. CREC is working toward its '5GW in 5 years' target through the Green Energy Auction Program, with projects delivering continuous electricity through solar-plus-storage configurations.

Differentiator

Problem solved

Functional benefit

Products and services

• Citicore Solar Pangasinan Project Utility-scale 125MWp solar photovoltaic power project located in Sta. Barbara and Calasiao, Pangasinan, Philippines. Features elevated panel design engineered for flood resilience. Generates approximately 202GWh of clean electricity per year, supplying power to 90,000-100,000 residential households through grid interconnection while reducing carbon emissions by nearly 120,000 metric tons annually.
• CS Batangas 1 Power Plants Solar-plus-storage power plant located in Batangas, Philippines, combining 197 MW of solar PV generation with 320 MWh of battery energy storage to deliver continuous, dispatchable electricity to approximately 158,000 homes. The project is valued at approximately $170 million and is among the largest solar-plus-storage installations in the Philippines.
• Citicore Solar Negros Occidental Utility-scale solar PV facility in Negros Occidental, Philippines, with total installed capacity of 94 MWp following commissioning of the 69 MWp expansion. Supplies generation capacity to the Visayas power grid under the Green Energy Auction Program, with planned expansion to 100 MWp and additional co-located renewable plants.

Quantifiable outcome

• 202 GWh of clean electricity generated annually from the 125MWp Pangasinan project
• +4 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• SM Prime HoldingsminorStrategic or Co-development Partner · 9 January 2026SM Prime Holdings, one of the largest property developers in the Philippines, is advancing sustainable development through renewable energy partnerships. While mentioned in the context of energy efficiency initiatives and renewable energy capacity, the specific nature of any direct partnership with CREC is not detailed in available sources.

Scale indicators14 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• ACEN Corporation (AC Energy): ACEN is the Ayala conglomerate's listed renewable energy platform in the Philippines, pursuing utility-scale solar, wind, and battery storage under similar Green Energy Auction Program participation. Same customer base (Luzon/Visayas grids), same revenue model (PPA-based), and same regulatory framework.
• Solar Philippines: One of the largest solar developers in the Philippines pursuing utility-scale PV projects across multiple regions. Directly competes with CREC for auction wins, land, and grid interconnection slots.
• SunAsia Energy: Philippine and Southeast Asia-focused solar developer pursuing utility-scale PV projects in the same Green Energy Auction framework. Competes directly with CREC in Philippine and regional solar project pipelines.

Broad incumbents

• Aboitiz Power Corporation: One of the largest private power producers in the Philippines with a growing renewable portfolio (solar, hydro, wind). Competes with CREC for Green Energy Auction contracts and grid interconnection, but operates across a broader thermal + renewable mix.
• First Gen Corporation: Lopez group's Philippine power platform with renewable generation (geothermal, hydro, solar/battery) and natural gas. Competes with CREC in Philippine clean energy auctions and supplies both Luzon and Visayas grids.
• Energy Development Corporation (EDC): Philippines' largest geothermal producer (Lopez group), expanding into solar and wind. Operates utility-scale renewable plants selling into the same Philippine grids under comparable regulatory frameworks.
• Manila Electric Company (MERALCO): The Philippines' largest electric distribution utility and a key offtake channel for CREC's generated electricity. While not a direct solar developer, MERALCO's renewable procurement strategy and SPEPC subsidiary make it a structural counterpart in the same value chain.

Regional players

• Vena Energy: Asia-Pacific renewable IPP with operations across Southeast Asia including the Philippines. Competes with CREC in regional utility-scale solar+BESS project development and PPAs, but with broader geographic scope.

Emerging players

• PT Pertamina (Pertamina NRE): Indonesia's state-owned energy major that provided $120M in financing to CREC and is expanding its renewable energy footprint across ASEAN. Comparable as a state-aligned energy platform pursuing renewable capacity in Southeast Asia.
• Scatec ASA: Norwegian renewable IPP specializing in emerging-market solar, storage, and hybrid projects. Comparable as a listed utility-scale solar+BESS developer pursuing long-term PPAs in Asia and other growth markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Citicore Renewable Energy