In a constantly evolving world where sustainability and environmental responsibility are becoming increasingly important, the journey of Edgar Saavedra, a construction mogul, perfectly illustrates how innovation and renewable energy can reshape entire industries. Facing growing economic and ecological challenges, Saavedra has shown vision by integrating sustainable energy solutions into his projects. By adopting cutting-edge practices and investing in green technologies, he has not only managed to reposition himself among the wealthiest in the Philippines but has also paved the way for a greener future for his country. This exemplary transformation reminds us that economic intelligence can rhyme with ecology, thus inviting other entrepreneurs to follow the same path.
Elevation through solar energy
Edgar Saavedra, the construction mogul, has regained his place among the wealthiest in the Philippines thanks to bold strategies in the field of renewable energy. In recent years, he has focused on the development of Citicore Renewable Energy Corp. (CREC), one of the largest producers of solar energy in the country. In June 2024, the resounding success of CREC’s IPO, valued at 5.3 billion pesos (91 million dollars), marked a decisive turning point for Saavedra.
Massive expansion of solar capacity
Saavedra did not stop there. He launched an ambitious plan to increase the solar production capacity of CREC from 285 megawatts to 5,000 megawatts within five years. This colossal investment of 180 billion pesos shows Saavedra’s determination to dominate the renewable energy market.
Autonomy in construction
Building on his roots in the construction sector, Saavedra aims to construct his own structures to reduce reliance on third-party contracts, a lesson learned during the Covid-19 pandemic. According to him, this represents a “natural progression of our construction DNA”.
Strategic real estate development
In addition to renewable energy, Saavedra is also developing his real estate portfolio through PH1 World Developers, a subsidiary of Megawide Construction. The goal is to launch two to three residential projects per year and increase the land owned by the company from 50 hectares to 200 hectares by 2027. Saavedra even plans to list this unit on the stock exchange within the next three years.
Reflecting on the lessons of the pandemic
It is important to note that Saavedra was absent from the list of the wealthiest in the Philippines in 2020 when the pandemic severely impacted his construction operations and his airport joint venture in Cebu-Mactan. This venture was sold to the Aboitiz group in 2022 for 25 billion pesos.
A story of resilience
Since co-founding Megawide in 1997 with his college mate Michael Cosiquien, Saavedra has exhibited remarkable resilience and adaptability. After buying out Cosiquien’s shares, Saavedra not only secured his place in the construction industry, but he also adeptly adapted to the new challenges of the market by integrating renewable energies.
With a clear vision and strategic actions, Edgar Saavedra once again proves that the convergence between construction and renewable energies can not only be beneficial for the environment but also financially rewarding.
