Citicore Renewable Energy Corporation (CREC), a company that builds solar and wind power plants in the Philippines, announced that it made significantly more money in the first three months of 2026 compared to the same time last year.

According to their official report filed with the Securities and Exchange Commission on May 15, 2026, CREC’s net income (the money left after paying all expenses) jumped 58% to Php 364 million. This is much higher than the Php 230 million they earned in the first quarter of 2025.

What Does This Mean in Simple Terms?

Think of it this way: If you had a lemonade stand that made 230 pesos last summer, and this summer you made 364 pesos, you’d be doing 58% better! That’s what happened to CREC – they’re selling more electricity and making more profit.

Where Does CREC’s Money Come From?

Most of CREC’s money – about 85% – comes from selling electricity. In the first quarter of 2026, their total revenue (all the money coming in) was Php 1.14 billion. The company also reported that their EBITDA (a measure of how much money the business makes before certain expenses) grew 53% to Php 593 million from Php 388 million in 2025.

Why Are They Making More Money?

CREC is making more money because they’ve been building and turning on (or “energizing”) more solar power plants. Recently, they started new solar facilities in Pangasinan and Negros Occidental provinces. These new plants brought CREC’s total renewable energy capacity to 791 megawatts peak (MWp) – that’s how much electricity they can produce when the sun is shining brightest.

Oliver Tan, who is the President and CEO (the top boss) of CREC, explained that their improved profits show how their newly energized solar facilities are helping the company grow, especially those connected to their GEAP (Green Energy Auction Program) commitment to the government.

What’s Coming Next?

CREC has more solar plants scheduled to start operating soon. Three facilities in Binalonan, Bolbok, and Pagbilao are expected to be energized (turned on and connected to the power grid) during the second and third quarters of 2026. When these plants start working, CREC expects to make even more money.

The company is also working on additional solar facilities in Pangasinan, Batangas, and Quezon provinces that are currently being tested and prepared for operation.

CREC’s Big Goal

CREC has an ambitious target called “5 gigawatts in 5 years.” A gigawatt is 1,000 megawatts, so they want to build enough solar and wind plants to produce 5,000 megawatts of clean electricity within five years. These recent projects show they’re making progress toward this goal.

Tan emphasized that these projects are part of their GEA-2 (Green Energy Auction-2) commitments, showing the company’s dedication to helping the Philippines move toward using more renewable energy.

About Citicore Renewable Energy Corporation

CREC (stock symbol: CREC) is listed on the Philippine Stock Exchange with 11,160,715,179 common shares outstanding. The company focuses exclusively on renewable energy, particularly solar and onshore wind projects across the Philippines. Their office is located at 11F Rockwell Santolan Town Plaza, 276 Col. Bonny Serrano Avenue, San Juan City.

The company describes itself as a “pure-play renewable energy platform,” which means they only focus on clean energy projects, not traditional fossil fuel power plants.

This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.