Citicore Renewable Energy Corporation (CREC) has allocated PHP35 billion in capital expenditure (capex) for renewable energy (RE) projects in the Philippines. The company aims to contribute 1 GW of ready-to-build or under-construction solar energy capacity annually from 2023 to 2027 which will increase the RE share of the country.
From 2024-2025, the company expects to commission around 2.3 GW of gross solar installed capacity, with various projects under the ready-to-build or under-construction phase. Further, from 2026-2028, the company expects to develop around 5 GW of gross installed capacity of solar, run-of-river hydro and onshore wind. Meanwhile, CREC has plans to add around 3.1 GW of gross installed capacity through offshore wind energy projects from 2029 onwards.