Citicore Eyes Higher 2025 Capex to Fund Projects

Tycoon Edgar Saavedra's Citicore Renewable Energy Corp. (CREC) is likely to boost its capital expenditure (capex) this year, setting the stage for the next wave of green projects across the country.

- By Brix Lelis

Securing about 26 percent or 916.58 MW of total subscribed capacity.

While the annual operating plan has yet to be presented to the CREC board, company president and CEO Oliver Tan hinted that the budget for 2025 will be "most likely higher."

Tan said CREC earmarked a capex of around "P35 billion" in 2024 to fuel the development of its first gigawatt (GW) of renewable energy (RE) projects that are targeted for commercial operations this year.

In particular, about 200 megawatts of projects are set for activation by April, with the remaining 800 MW scheduled for the second half of the year.