As the government turns aggressive in luring renewable energy investments, Citicore Renewable Energy Corp. (CREC) is ramping up its solar energy targets for the next five years.

The firm plans to launch 5,000 megawatts (MW) of solar power projects in the next five years from its initial target of 1,500 MV for the same period because of the country’s growing power requirement.

“We are upgrading our pipeline projects from originally 1.5 gigawatts, or 1,500 MW, and the target is to break ground 1 GW of new projects this year. So, meaning, by early next year, we will have almost 1.25 GW of installed capacity,” CREC president and chief executive officer Oliver Tan said in an interview over the weekend.

He said the projects will generate between PHP7 billion and PHP8 billion on the company’s top line.

Tan added that CREC is allocating USD800 million in capital expenditure (capex) this year to fund the new projects, which are expected to be completed by early 2024.

Majority of the capex this year will be spent on its 600-MW solar project in Batangas, he added.

Aside from expanding its solar power portfolio, Tan said CREC is also investing in battery energy storage system this year.

He added that investments in energy storage system are critical to accelerate and smoothen the transmission of output coming from renewable energy projects.

“We have a good policy in supporting our renewable energy,” Tan said. “What the government needs to support will be the development of energy storage technology.”

With its new targets for the medium term, CREC is expected to invest USD4 billion to fund its 5,000-MW solar power projects in five years.

To fund these projects, CREC will go public this year but Tan declined to divulge other details yet. (PNA)