CITICORE Renewable Energy Corp. (CREC) is boosting its wind energy plans by partnering with a Singapore-based developer to advance four onshore wind projects.
CREC, through its subsidiary Citicore Wind Energy Corp., is set to establish a joint venture company with Levanta Renewables, the company said in a statement on Monday.
The partnership covers the development, financing, construction, and operations and maintenance of CREC’s onshore wind projects.
With a total capacity of 375 megawatts (MW), all of these onshore wind projects secured offtake through the government’s Green Energy Auction Program in July 2023.
“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,” CREC President and Chief Executive Officer (CEO) Oliver Y. Tan said.
“They bring decades of extensive technical and operational experience to this partnership and to our onshore wind industry,” he added.
Levanta CEO Sudhir Nunes said that the company’s partnership with CREC “marks Levanta’s entry into the Philippines wind market” which serves as “a key step towards its goal of achieving 1.5 GW (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,” he said.
The partnership is subject to and conditional upon certain customary conditions and is expected to close in the next few months, CREC noted.
Backed by global investor Actis, Levanta is a renewable energy platform in Southeast Asia committed to providing innovative solar and wind solutions.
It oversees projects across all stages from development and financing to construction, operations, and maintenance.
CREC, directly and through its subsidiaries and joint ventures, manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply services.
At present, the company has a combined gross installed capacity of 285 MW from its solar power facilities in the Philippines.
The company has wind projects in the pipeline targeting three GW of operating generation capacity over the medium and long term to complement its five GW of solar energy until 2028. — Sheldeen Joy Talavera