Citicore Power is a step closer to through its subsidiary Citicore Citicore Renewable Energy Corp. (CREC) said its solar power joint venture with AC Energy is part of its planned 1.5 gigawatts pipeline of solar projects that will be rolled out in the next five years.
The company said the project being developed with the Ayala-led power generator will have a capacity of up to 75 megawatts (MW).
Construction is set to start by November this year in a 58- hectare land in Arayat and Mexico, Pampanga.
CREC has a 50 percent economic ownership in the project and will cost up to P3.3 billion with its operations expected to start in the fourth quarter of 2021.
“For the past four years of our existence, Citicore has contributed to the reduction of greenhouse gas emissions by more than 600,000 metric tons, light around 4 million households and created jobs in the communities we operate and we’d like to do more,” said Oliver Tan, Citicore Power president.
The new solar plant will be added to the eight operating solar plants of the company that will total up to 238 MW capacity.
Its other solar projects that are operational are the 18 MW Next Generation Power Technology Corp. in Bataan; the 25 MW Silay Solar Power, Inc. in Negros Occidental; and the 60 MW First Toledo Solar Energy Corp. in Cebu.