CREC sets over $1-billion capex for solar projects

CITICORE Renewable Energy Corp. (CREC) has allocated a capital expenditure (capex) budget of more than $1 billion (around P56 billion) for this year, with the majority of the funds earmarked for its first gigawatt (GW) of solar power projects, its president said.

- Sheldeen Joy Talavera

“Total capex for 2025 would roughly be around north of $1 billion,” CREC President and Chief Executive Officer Oliver Y. Tan said during the company’s virtual annual stockholders’ meeting on Monday.

Mr. Tan said most of the budget had already been spent in the early part of the year to finance the 1-GW solar projects expected to be energized before yearend.

The balance is allocated for the second set of solar projects, which are scheduled to break ground in the second half of the year.