CITICORE Renewable Energy Corp. (CREC), through its 100 percent owned subsidiary and wind generation platform Citicore Wind Energy Corp., is partnering with Levanta Renewables for the development of an onshore wind portfolio in the Philippines.
The company said in a statement yesterday under the terms of agreement signed last Friday, Levanta and CREC will establish a joint venture company that will develop CREC’s onshore wind projects.
The partnership will cover the development, financing, construction and operations and maintenance of Citicore’s four onshore wind projects located in Luzon and Visayas with a total capacity of 375 megawatts (MW).
All wind projects also secured offtake via the Department of Energy’s Green Energy Auction Program.
CREC said the deal is subject to certain customary conditions but is expected to close in the next few months.
“We are entering the next phase of CREC’s journey to power a brighter future for the Philippines with the start of our first four onshore wind projects and there is no better partner to take this step with than Levanta. They bring decades of extensive technical and operational experience to this partnership and to our onshore wind industry,” said Oliver Tan, CREC president, in the statement.
Levanta is an RE platform in Southeast Asia headquartered in Singapore that has operations across the Philippines, Vietnam, Thailand, Malaysia and Indonesia.
“We are delighted to partner with CREC on the development of onshore wind projects in the Philippines. This partnership marks Levanta’s entry into the Philippines wind market, serving as a key step towards its goal of achieving 1.5 gigawatts of operating capacity across Southeast Asia by 2028. We intend to leverage our partnership with CREC to pursue more utility scale renewable energy projects in the Philippines,” said Sudhir Nunes, Levanta chief executive officer.
CREC has a diversified project portfolio comprising of solar, hydro and wind energy, with its wind pipeline targeting 3,000 MW of operating generation capacity over the medium and long term to complement its 5,000 MW of solar energy until 2028.
CREC’s largest existing power projects include solar farms worth 60 MW in Toledo, Cebu; 22 MW in Clark, Pampanga; 18 MW in Mariveles, Bataan; and 15 MW in San Ildefonso, Bulacan, among others.
