CITICORE Renewable Energy Corp. (CREC) said Monday that it had partnered with Southeast Asia-focused renewable energy platform Levanta Renewables (Levanta) to establish a joint venture that will develop wind power projects in the Philippines.
The partnership was made through its 100-percent-owned subsidiary Citicore Wind Energy Corp. (CWEC), the company told the stock exchange.
The two parties will create a company for the purpose of driving the development of CREC’s onshore wind project portfolio. The partnership will be subject to and conditional upon certain customary conditions, CREC said, adding the deal is expected to close in the next few months.
The partnership will cover the development, financing, construction, and operations and maintenance of four onshore wind projects in Luzon and the Visayas.
The four projects have secured some offtake via the Department of Energy’s Green Energy Auction Program in July 2023 and have a total capacity of 375 megawatts (MW), CREC said.
CREC President Oliver Tan said the company was entering the next phase of its journey to power a brighter future for the Philippines, “and there is no better partner to take this step with than Levanta.”
Levanta CEO Sudhir Nunes said the partnership marked the firm’s entry into the Philippine wind market and was a key step toward Levanta’s goal of reaching 1.5 gigawatts (GW) of operating capacity across Southeast Asia by 2028.
CREC’s portfolio includes solar, hydro and wind energy projects. The company has said that it is aiming to put up 3 GW of operating generation capacity over the medium and long term to complement its own goal of hitting 5 GW of solar energy capacity by 2028.
CREC shares on Monday rose by 0.6 percent to close at P3.35 per share.
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