Latest news with #OliverTan
Yahoo
03-07-2025
- Business
- Yahoo
Citicore seeks to boost solar capacity to 2.56GW by 2026
Philippines-based Citicore Renewable Energy is planning to expand its installed solar capacity from 0.29GW to 2.56GW by 2026. This ambitious plan was outlined by CEO Oliver Tan during an interview with Reuters. Currently trailing behind ACEN as one of the largest solar providers in the country, Citicore aims to add 1GW of capacity by the end of 2025 and a further 1.17GW in 2026. The company's growth strategy aligns with national efforts to decarbonise the Philippines' grid, a notable shift given that it had Southeast Asia's most coal-dependent grid as recently as 2023. In a significant move in early 2025, PT Pertamina's renewable energy division acquired a 20% stake in Citicore, signalling strong support for renewable initiatives within Southeast Asia. The push for renewables has already led to record-breaking increases, with government data revealing that renewable capacity surged 10% or 0.8GW in 2024 alone, reaching a total of 9.2GW, a figure higher than that of the previous three years combined. According to Tan, six new projects are expected south of Manila in 2025 while three others will be developed further north and another aims to meet demand in the Visayas region. This surge from Citicore is projected to raise national installed solar capacities by almost 50% more than the levels recorded above 2GW in 2024. Tan emphasised that these expansions would put them well on their way towards achieving their goal of 5GW of solar capacity and an additional wind energy target amounting to 0.36GW by respective deadlines set for both sectors within this decade. He warned that such aggressive state-backed initiatives might limit private sector opportunities within corporate power supply agreements throughout the renewables industry: "We are likely to see the share of corporate power purchase agreements shrink this year as the government increases tendering of projects supplying the grid.' "Citicore seeks to boost solar capacity to 2.56GW by 2026" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
02-07-2025
- Business
- Reuters
Philippines' Citicore expects nine-fold increase in solar capacity by 2026, CEO says
SINGAPORE, July 2 (Reuters) - Philippines-based Citicore Renewable Energy Corp ( opens new tab expects a nearly nine-fold increase in its solar installed capacity to about 2.56 gigawatts by 2026, Chief Executive Oliver Tan told Reuters in an interview on Wednesday. One of the Philippines' largest solar power producers behind ACEN Corp ( opens new tab, Citicore will add 1 GW of capacity by the end of this year, and a further 1.17 GW in 2026, Tan said. The company, in which the renewable energy arm of Indonesia's state-owned oil producer PT Pertamina bought a 20% stake this year, currently has 0.29 GW of installed solar capacity. Citicore's solar expansion plans are in line with the Philippines' push to decarbonise its grid, after years of slow progress made the Southeast Asian nation's grid the region's most coal-dependent in 2023, surpassing Indonesia. The Philippines' renewable capacity increased by a record 0.8 GW, or nearly 10%, to 9.2 GW in 2024, government data showed, with installations in the last year surpassing green capacity installed over the preceding three years combined. Six of Citicore's solar projects that will come online this year will be south of the capital Manila, while three will be in the country's north and one of them will supply the demand-heavy Visayas region, Tan said. The company's expected additions this year alone will boost the Philippines' installed solar capacity by nearly half from 2024 levels of over 2 GW. Solar currently accounts for about 3% of power generated in the country of over 115 million people, data from energy think-tank Ember showed, which the country wants to increase to 5.6% by 2030. Tan said the 2.17 GW of additions from now through 2026 would put the company on track to achieve its 2030 solar capacity target of 5 GW. It is also targetting 0.36 GW of wind capacity additions by 2027. The aggressive state push is likely to crowd out private power supply deals with corporations in the renewable sector this decade, Tan said. "We are likely to see the share of corporate power purchase agreements shrink this year as the government increases tendering of projects supplying the grid," he said.
GMA Network
19-06-2025
- Business
- GMA Network
Renewable energy firm Citicore inks $120-M deal with Indonesia's Pertamina NRE
Pertamina executives flank Indonesian Ambassador to the Philippines Agus Widjojo (fifth from left) in Jakarta on June 19, 2025. Photo: CREC Citicore Renewable Energy Corp. (CREC) on Thursday said inked a $120-million strategic partnership agreement with Indonesia's state-owned Pertamina New & Renewable Energy (NRE), which includes a share subscription and a joint exploration of renewable energy (RE) investments in Indonesia. Under the agreement, Pertamina NRE will subscribe to a 20% interest in CREC, and the two parties will explore RE investments in Indonesia including the potential development of solar and wind power projects, and collaboration related to carbon credit development and trading. 'With Pertamina NRE, we can view the energy transition through a different lens and create responsive, collaborative solutions for clean energy in the Philippines and Indonesia,' CREC president and chief executive officer Oliver Tan said. CREC, through its subsidiaries and joint ventures, manages a diversified portfolio of renewable energy generation projects, and is engaged in power project development operations, along with participating in retail electricity supply. Pertima NRE, fully owned by Indonesia's state-owned energy corporation Pertamina, is responsible for managing all power generation and new and renewable energy development, focusing on gas-based power generation, geothermal energy, and other renewable sources such as solar and wind power. 'We are leading the charge in Indonesia's renewable energy transition, and our partnership with Citicore, with their expertise and experience in RE development, is a way to elevate our capability in RE development, as well as a big step in accelerating our clean energy goals,' Pertamina NRE chief executive officer John Anis said. 'In the same light, we are committed to support Citicore and the Philippines with our own expertise, technology, and best practices,' he added. — Jon Viktor D. Cabuenas/BM, GMA Integrated News
