This story is part of Forbes’ coverage of Philippines’ Richest 2024. See the full list here.

The 5.3 billion-peso ($91 million) June IPO of Citicore Renewable Energy Corp. (CREC), one of the largest solar power producers in the Philippines, propelled its chairman, Edgar Saavedra, back into the ranks of the country’s richest after a four-year gap.

CREC is splurging 180 billion pesos on a nearly 18-fold capacity expansion to 5,000 megawatts of solar power in five years, up from 285 megawatts now.

With roots in the construction business, Saavedra plans to build it on his own to reduce his dependence on third-party contracts, which proved challenging during Covid-19. It’s “a natural progression of our construction DNA,” he says.

At the same time, the tycoon is growing his property portfolio under listed Megawide Construction’s PH1 World Developers unit. It aims to launch two to three…