Citicore Renewable Energy Corporation (CREC) has partnered with San Miguel Global Light and Power Corporation (SGLP) to develop a 153.5 MW solar power project in Barangay Lucanin, Mariveles, Bataan, Philippines. The collaboration was formalised through an investment and shareholders agreement covering the solar facility’s financing, construction, ownership, operation, and maintenance through a special purpose entity.
Initially, SGLP will hold 51 per cent of the capital stock, meanwhile, CREC will own 49 per cent. During construction, CREC plans to acquire additional shares to achieve an equal ownership split.
This project aligns with CREC’s goal to enhance its solar energy capacity, targeting an annual increase of 1 GW of ready-to-build or under-construction solar projects over the next five years. The joint venture (JV) is expected to boost CREC’s solar capacity by around 76.75 MW.