CREC to fast-track two solar projects in Quezon

By Nimfa Estrellado CREC, led by CEO Oliver Tan, aims for 1 GW of new renewable energy capacity annually for the next five years. (CREC) ...

By Nimfa Estrellado

CREC, led by CEO Oliver Tan, aims for 1 GW of new renewable energy capacity annually for the next five years. (CREC)

PAGBILAO, Quezon – Citicore Renewable Energy Corporation (CREC) is significantly expanding its renewable energy portfolio, announcing plans to launch nine solar projects across Luzon this year, including two in Pagbilao, Quezon Province. The ambitious initiative aims to add one gigawatt (GW) of capacity annually to the country’s renewable energy mix.

CREC President and CEO Oliver Tan revealed the project details, stating that the first project is expected to be operational within three months, with the remaining projects coming online by mid-year. “We have four solar projects in Tuy, Batangas, one in Arayat, Pampanga, two in Pangasinan, and two in Pagbilao, Quezon that will come online within the year,” he said in an interview.



“[That’s] one gigawatt, [and] these are mostly Green Energy Auction 2 (GEA-2) projects." He added, "The first batch will be energized in April, and then others by July, August, and September."

The two solar projects in Pagbilao represent a significant investment in Quezon Province's renewable energy infrastructure. These projects are expected to not only boost the region's power supply, contributing to a more stable and reliable electricity source for residents and businesses, but also create local jobs during the construction and operational phases, stimulating the local economy.

The shift towards solar energy will contribute to a cleaner environment in Quezon and support the province's sustainable development goals by reducing reliance on fossil fuels and lowering greenhouse gas emissions.

Specific locations within Pagbilao, individual project capacities, detailed timelines, and community engagement plans are yet to be released. These Pagbilao projects hold the promise of a significant step towards a cleaner and more sustainable energy future for Quezon Province.

Tan emphasized CREC's commitment to rapid expansion, noting, "We're aiming for 1.2 GW in 2024 and another GW in 2025. This demonstrates our dedication to accelerating the deployment of renewable energy solutions in the Philippines."

The initial project, located in Batangas, will have a capacity of approximately 200 megawatts (MW), while the subsequent projects will contribute a combined 800 MW. Tan expressed optimism that CREC will reach 1.2 GW of capacity in 2024, with plans to roll out another GW of projects by 2025.

The company anticipates a higher capital expenditure (capex) this year compared to 2024’s P35 billion. Exact figures will be disclosed next month after a board of directors meeting. CREC is preparing for multiple fundraising activities in the first half of the year, potentially including a shelf registration.

This expansion follows a P6.7 billion investment from Indonesian energy firm PT Pertamina Power Indonesia, which will allow the two companies to share expertise in project development, engineering, procurement, and construction (EPC). The rapid development of these solar projects underscores CREC’s commitment to meeting the growing demand for clean and sustainable energy in the Philippines.