Citicore targets Q1 start for Bataan solar project

By Ed Paolo Salting – January 27, 2025
from The Manila Times
 

“With regard to the solar project with SMC, we’re already doing the design for it,” CREC President and CEO Oliver Tan said last week,

CITICORE Renewable Energy Corp. (CREC) is aiming to break ground this quarter for a 153-megawatt (MW) solar power project in Mariveles, Bataan in partnership with San Miguel Corp.’s SMC Global Light and Power Corp. (SGLP).

The renewable energy firm said it was finalizing the design of the plant and is targeting to complete the project within a year after the groundbreaking

“We are targeting to break ground or start construction of this in the first quarter this year, then it will take around one year to finish, so the project’s completion is expected to be in 2026,” he added.

Last July, CREC’s board approved the proposed joint venture with SGLP for the construction of a 153.5-MW solar power project in Barangay Lucanin, Mariveles, Bataan.

The two parties will collaborate and cooperate in the financing, construction, ownership, operation and maintenance of the plant through subscription to a special purpose entity.

CREC told the Philippine Stock Exchange last year that it would initially own 49 percent of the solar farm while SGLP would take 51 percent. It will then subscribe to additional shares once the construction phase is reached, resultingin a 50-50 ownership split.

SGLP is a unit of San Miguel Global Power Holdings Corp., which is part of the San Miguel Group. It is engaged in power generation and the exploration, development, and utilization of renewable energy resources.

CREC shares last Friday closed at P3.59 each, down 0.28 percent, while SMC shares were unchanged at P83.20 apiece.