MANILA, Philippines — Citicore Renewable Energy Corp. (CREC) of billionaire Edgar Saavedra is set to begin construction on its solar venture with tycoon Ramon Ang’s San Miguel Group as early as this month.
“We’re currently doing the (engineering) design. So the target is to break ground in the first quarter of this year,” CREC president and CEO Oliver Tan said in a recent interview.
Tan was referring to the development of a 153.5-megawatt (MW) solar power plant in Mariveles, Bataan, under a deal signed by CREC and San Miguel Global Light and Power Corp. (SMGLP) last year.
SMGLP currently owns 51 percent of the joint venture, with CREC taking the remaining 49 percent.
CREC will then increase its stake to 50 percent during the construction phase of the project, resulting in equal ownership.
The solar farm, Tan said, is targeted for completion by early next year.
The project is expected to add 76.75 MW to CREC’s power capacity upon completion, providing a much-needed boost to its bold 5,000-MW target.
The Bataan power venture marks the first partnership between Ang and Saavedra, but Tan is optimistic that this will pave the way for more collaborations ahead.
“If successful and both parties are happy, we hope that it will continue to the next and the next (projects),” Tan said.
SMGLP is a subsidiary of San Miguel Global Power Holdings Corp., which, in turn, is the energy arm of diversified conglomerate San Miguel Corp. (SMC).
CREC, on the other hand, is a pure-play energy platform focused on and committed to the development of clean energy projects across the country.
The company intends to activate around one gigawatt worth of projects for 2025 in hopes of ending the year with an installed capacity of 1.2 GW.
CREC is looking to spend over P35 billion this year to roll out its next wave of green projects.
According to Tan, the company is interested in joining the government’s fourth green energy auction (GEA-4) round.
He said CREC plans to bid for solar projects with energy storage system components but remained coy when asked for further details.