Citicore Renewable Energy Allocates $2 Billion for 2026 Green Projects
Citicore Renewable Energy Corp. (CREC) has announced a $2 billion allocation for its 2026 capital expenditure program, aimed at completing 3 gigawatts of solar and battery energy storage projects, funded through 70% borrowings and 30% equity. This initiative aligns with the Department of Energy's fourth Green Energy Auction program, with substantial project completion expected by the end of 2026 and full impacts in 2027. CREC also plans to integrate battery energy storage systems at new sites, facing challenges from rising costs linked to the depreciation of the Philippine peso and high commodity prices.
Theia Market Signal Identification - AI Assisted
Citicore Renewable Energy Corp. (CREC) plans to allocate $2 billion for its 2026 capital expenditure program to complete 3 gigawatts of solar and battery energy storage projects. Funding will come from 70% borrowings and 30% equity.
The budget supports projects under the Department of Energy's fourth Green Energy Auction program. CREC aims for substantial completion of its projects by the end of 2026, with full-year impacts expected in 2027.
The company also intends to integrate battery energy storage systems into new sites. Rising costs due to the depreciation of the Philippine peso and high commodity prices for copper and silver are challenges. CREC is the parent firm of Citicore Energy REIT Corp.
Comments