Citicore Targets 2.56 GW Solar Capacity by 2026

Citicore Renewable Energy, a leading solar energy developer based in the Philippines, has unveiled an ambitious plan to expand its installed solar capacity from 290 MW to 2.56 GW by 2026.

The roadmap was shared by CEO Oliver Tan in an interview with Reuters, detailing how Citicore intends to add 1 GW of capacity by the end of 2025, followed by another 1.17 GW in 2026. This expansion strategy positions the company to close the gap with ACEN, one of the country’s largest solar providers.

Citicore’s growth aligns with the Philippines’ broader decarbonization goals. Once the most coal-reliant power grid in Southeast Asia (as of 2023), the country is now shifting rapidly toward renewable energy.

A key development supporting this momentum came in early 2025, when PT Pertamina’s renewable energy unit acquired a 20% stake in Citicore, underscoring rising investor confidence in the region’s clean energy prospects.

The Philippines has already seen record growth in renewable energy, with government data showing a 10% increase in installed capacity in 2024, equivalent to 800 MW, bringing the national total to 9.2 GW—more than the combined growth of the previous three years.

Looking ahead, six new solar projects are planned south of Manila in 2025, with three additional projects slated for development in the north, and another intended to support energy demand in the Visayas region.

If realized, Citicore’s expansion would increase the nation’s solar capacity by nearly 50% from the 2024 level of just over 2 GW.

Tan also reaffirmed Citicore’s long-term target of reaching 5 GW of solar and 360 MW of wind capacity before the end of the decade.

However, he cautioned that increased government-led project tenders could reduce space for private-sector deals.

“We’re likely to see a decline in corporate power purchase agreements this year,” Tan said, “as the government ramps up public auctions to supply the national grid.”