Citicore Renewable Energy Corp. (CREC) eyes to complete first phase of its 240 megawatts (MW) solar power project in Binalonan, Pangasinan after a ceremonial groundbreaking yesterday.
Once fully completed, this facility is expected to have an annual generation capacity of approximately 326 gigawatt-hours enough to power approximately 136,000 households and potentially avoid about 228,000 tons of carbon emissions per year.
The first phase of the project comprising 168 MW of gross installed capacity is anticipated to commence commercial operations by the end of 2024. The second phase of the project comprising 72 MW of gross installed capacity is expected to commence commercial operations in December 2025.
CREC also announced plans for two other projects in Pangasinan: a 270 MW solar power plant which will commence together with the Binalonan project and a 150 MW onshore wind power project.
CREC reiterated its plans to contribute approximately 1 gigawatt of ready-to-build solar energy capacity per year for the next five years.
CREC is preparing to spend at least P35 billion this year to further push the development of its planned renewable energy projects.
Bulk of the amount will be used to construct projects and will be raised through internally generated funds as well as proceeds from CREC’s scheduled initial public offering this year.
