Citicore Renewable Energy Corporation (CREC) and San Miguel Global Light and Power Corporation (SGLP) is set to complete their 153.5-megawatt (MW) solar power project in Barangay Lucanin, Mariveles, Bataan, by the end of 2025.
In a report by Manila Standard, CREC president Oliver Tan said that the firm is already working on the engineering design. However, the timetable would only budge once they have secured all the remaining permits, which looks to be by the end of 2025.
The joint partnership is eyeing to finance the project with 70% project financing and 30% equity funding, with the construction cost estimated to be around Php 6 billion.
On June 28, CREC partnered with SLGP to co-develop, construct, and manage a solar power plant. SLGP, under San Miguel Global Power Holdings Corporation, is dedicated to power generation and the advancement of renewable energy projects.
Initially, SLGP will hold a 51% stake, while CREC will own 49%. This ownership structure will shift to a 50-50 split once construction commences as CREC subscribes to additional shares.
CREC shared that this project will significantly boost the firm’s solar energy capacity, aligning with its goal of contributing 1 gigawatt (GW) of ready-to-build or under-construction solar energy capacity annually over the next five years, as this initiative will add around 76.75 MW to the firm’s attributable solar energy capacity.
