Citicore Renewable Energy Corporation (CREC) and SMC Global Light and Power Corporation (SGLP) have announced plans to commence construction of a 153.5 MW solar power plant in Mariveles, Bataan, Philippines in the first quarter of 2025. The project, part of a joint agreement signed in mid-2024, is expected to be completed by early 2026.
The partnership will operate through a special purpose entity, with SGLP initially holding a 51 percent stake and CREC 49 percent, transitioning to equal ownership during construction. CREC aims to add 1 GW of renewable energy (RE) capacity annually, targeting 5 GW by 2028. The company, which currently manages 285 MW of solar capacity, expects its first gigawatt of projects to go live in 2025 under the government’s green energy auction program.