Citicore, SGLP to develop 153.5-MW solar plant in PH

They will also jointly operate the facility.

Citicore Renewable Energy Corporation (CREC) announced that its board of directors had approved the proposed joint venture with San Miguel Global Light and Power Corp. (SGLP) for the 153.5 megawatts (MW) solar power plant project in Barangay Lucanin, Mariveles, Bataan.

In a bourse filing, CREC said it signed an investment and shareholders agreement with SGLP to jointly develop, build, and operate the project. The parties will collaborate and cooperate in the financing, construction, ownership, operation, and maintenance of the plant through the subscription to a special purpose entity.

“Following compliance with the conditions precedent, the parties agree to subscribe to the special purpose entity, where CREC will initially own 49% and SGLP will own 51% of its total issued and subscribed capital stock,” CREC said.

“Upon reaching the construction phase, CREC shall subscribe to additional shares, resulting in an ownership split of 50% each between CREC and SGLP,” it added.

The joint venture’s board will consist of three directors each from CREC and SGLP.

CREC expects the joint venture will add approximately 76.75MW to its attributable solar capacity. This supports its goal of contributing approximately 1.0 gigawatt ready-to-build/under-construction solar energy capacity a year for the next five years.