Citicore to start construction of solar plant in November
MANILA, Philippines : The renewable energy arm of Citicore Power Inc. is set to begin construction for a solar plant in Central Luzon in November under a joint venture with AC Energy Philippines Inc.
In a statement, Citicore said its wholly owned subsidiary Citicore Renewable Energy Corporation (CREC) will develop the 75 megawatts(MW) facility located between the towns of Arayat and Mexico towns in Pampanga.
The P3.3 billion project is a joint venture with AC Energy Philippines, with a 50 percent economic ownership.
“This new renewable energy project in Arayat and Mexico, Pampanga further supports Citicore’s commitment to help the country achieve a healthy energy mix through clean and sustainable power sources,” the company said.
Citicore said the 58-hectare facility is expected to start its power generation in the fourth quarter of 2021.
The project will bring Citicore’s total capacity to 238 MW with a total of eight operating solar plants located in various provinces in the Philippines.
Some of the firm’s operating plants include the 18 MW solar plant within the Freeport Area of Bataan; a 25MW solar plant in Silay, Negros Occidental and the 60MW solar palnt in Toledeo, Cebu, among others.
In 2018, the company acquired five solar power plants, with a combined capacity of 59.9 MW to boost its portfolio capacity.
The solar plants were acquired from Armstrong Asset Management Pte Ltd. and its local co-developers.
Four of the five facilities are located in Luzon – Bulacan, Pampanga and Tarlac City – while the fifth is in South Cotabato in Mindanao.
Moreover, the company said it has a robust pipeline of solar projects totaling 1.5 gigawatts to be rolled out in the next five years.
“Citicore is excited with this partnership, we will continue to invest in the country’s clean energy future,”Citicore’s president Oliver Tan said.
“For the past four years of our existence, Citicore has contributed to the reduction of greenhouse gas emissions by more than 600 thousand metric tons, light around four million households and created jobs in the communities we operate and we’d like to do more” he said.
Source : philstar
