Citicore rising as solar powerhouse

MANILA, Philippines — Despite the challenges of the COVID-19 pandemic on his airport and construction businesses, Megawide founder and controlling owner Edgar Saavedra has experienced unexpected silver linings.

Saavedra said Megawide’s sister unit, Citicore Power Inc., is making headway on its renewable energy goal as it is set to become the largest solar power producer in the Philippines with 230 megawatts of operational capacity by the end of the year.

Citicore owns and operates eight solar farms, with two more plants under construction. Its facilities, with a total capacity of 163 MW, are located in Cebu, Bataan, Negros Occidental, Tarlac, Bulacan, Pampanga and South Cotabato.

For 2022, Citicore is expected to expand its solar energy capacity to 330 MW. Its mid-term goal is to boost its portfolio to 1,500 MW by 2025.

Saavedra said the unprecedented global crisis has opened a new window of opportunity to further grow the energy business and launch its first agro solar venture, starting with the planting of turmeric beneath the solar panels.

The company is looking to plant other high-value crops to maximize yields during the entire planting season and help provide livelihood to farmers. The pilot project, located in Tarlac, will be expanded to Citicore’s other solar power plants across the country.

Citicore president Oliver Tan said their goal is to become a renewable superpower by building more facilities.

The company earlier secured five service contracts for large-scale hydropower projects that could generate as much as 2,300 MW of capacity.

To bankroll its expansion plans, Citicore plans to raise between P8 billion and P10 billion from the country’s first energy REIT (real estate investment trust) listing, slated in October.  It has tapped UniCapital Inc as its lead underwriter.

Megawide, a leading engineering and infrastructure conglomerate, is the private partner of the government for the development of the Mactan-Cebu International Airport, the Parañaque Integrated Terminal Exchange and the Cebu Integrated Transport hub.