Citicore Reaches 1 GW As Renewable Targets Rise To 5 GW
- October 9, 2026
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Citicore Renewables is targeting 5 gigawatts (GW) of renewable energy capacity within the next five years after reaching 1 GW of installed capacity, as the company prepares to expand its solar, battery storage, and other renewable energy projects across the Philippines.
Chairman Edgar B. Saavedra said the company would need continued support from its partners and regulators to achieve the target as Citicore marks its 11th year of operations.
“Our vision at Citicore is to reach 5 GW within five years. To achieve that vision and to deliver, we need the support of our partners and regulators. We would not be here without all of you. Hopefully, we can support the transition to pure renewable energy,” Saavedra said.
Citicore reached the 1-GW milestone as it celebrated its anniversary during a recent Thanksgiving and Appreciation Night. The event brought together company officials, regulators, financial institutions, and other partners as Citicore highlighted its expansion from a renewable energy developer working with local communities to an operator with more than 21 completed solar sites.
The company said its growth has also been supported by 14 financial institutions, including BDO Unibank Inc., Bank of the Philippine Islands, Rizal Commercial Banking Corp., Philippine National Bank, Land Bank of the Philippines, Development Bank of the Philippines, Security Bank Corp., Bank of China and HSBC, along with their respective capital and investment banking units.
Regulatory Support
Energy Regulatory Commission Chairperson Francis Saturnino Juan said the growth of renewable energy was also changing the structure of the power market, with consumers gaining more options in choosing their electricity suppliers and new technologies influencing how electricity is generated and consumed.
“Renewable energy has grown. More consumers can now choose their own suppliers; new technology’s been shaping how we generate and use power. And Citicore is part of that story,” Juan said.
He said the transition involved not only adding renewable capacity but also promoting competition, investment, reliability, and affordability, with regulators responsible for establishing rules that allow innovation while protecting consumers.
Citicore President and CEO Oliver Y. Tan said the company had completed all of its projects awarded under the government’s second Green Energy Auction (GEA-2), with energization and commissioning still to be completed.
He added that Citicore would continue working with the Department of Energy and ERC as the government prepares for the fourth round of the Green Energy Auction.
“As we prepare for GEA-4, we will continue to support the DOE and ERC in achieving the country’s energy transition goals. We will put our money and effort where our mouth is and continue investing to make this transition a reality,” Tan said.
Community Programs
Citicore said its expansion has been accompanied by programs aimed at supporting communities hosting its renewable energy facilities.
These include AgroSolar farming, which allows crops to be cultivated along solar panel aisles, as well as technical skills training, local employment, reforestation and coastal cleanup initiatives.
The company also operates EcoLoop, a program focused on repurposing retired solar panels.
Citicore’s community and environmental initiatives were featured in “11 Voices,” a documentary presenting the experiences of farmers, partners, and local leaders connected to its projects.
The company said its next phase will focus on expanding solar generation, battery energy storage systems, and integrated renewable energy solutions into more areas of the country while maintaining its community programs.
The 1-GW milestone marks a significant expansion from Citicore’s initial efforts in renewable energy, but the company’s new 5-GW target signals a substantially larger role it intends to play in the country’s transition toward cleaner power.
Source:
https://tribune.net.ph/2026/10/04/citicore-renewables-celebrates-11-years-with-1-gigawatt-milestone
