MANILA, Philippines — Citicore Renewable Energy Corp. (CREC) has become the first local renewable energy company to receive the FAST-Infra Sustainability Infrastructure Label, a globally applicable label for projects demonstrating significant positive sustainability performance.
CREC said that among the initial six projects labeled as FAST-infra projects, two are from the Philippines, which are the company’s Bokbok 1 and 2 solar power plant projects in Batangas.
Other certified projects are in India, Vietnam, and Brazil.
CREC’s Bolbok 1 and 2 have a combined output of 162 megawatts peak and will avoid more than 160,000 tonnes of carbon dioxide emissions once completed.
The two projects are also funded by the landmark green infrastructure financing structured by Singapore-based Pentragreen Capital, jointly owned by Temasek and HSBC.
CREC president and CEO Oliver Tan said that while there is an increasing global demand for sustainable infrastructure, this should not be just as a way of promoting green projects.
“The label should not be merely a statement, but really about applying sustainability in our day-to-day,” he said.
CREC is one of the country’s leading renewable energy companies engaged in solar, run of-river hydro, and wind developments.
The company plans to build five gigawatts of clean energy capacity in the next five years.