Citicore Renewable Energy Corp. aims to pour P35 billion in capital expenditure into solar power generation this year, aiming to end 2025 with a portfolio of 1,200-MW projects.
Oliver Tan, president and chief executive officer of Citicore Renewable Energy Corp. said all CREC’s solar projects scheduled to go online this year consist of: four in Tuy, Batangas; one in Arayat, Pampanga; two in Pangasinan and; two in Pagbilao, Quezon.
These projects will have a total capacity of about 1,000 MW, Tan told reporters at a corporate event in Makati City on Friday.
First to go online is the 200 MW in Batangas, which will be energized by April, and the 800 MW balance will be operational from July until September.
Most of them are qualified under the government’s second round of Green Energy Auction (GEA), he added.
Under the GEA, renewable energy producers compete for incentivized fixed power rates by offering prices that are lower than or equal to reserve prices set by the Energy Regulatory Commission.
Tan said CREC will raise funds for this year’s capex from both the capital and debt markets.