Citicore Power Inc. (CPI), through subsidiary Rio Norte Hydropower Corporation, has chosen Chinese engineering firm Xian Electric Engineering Co. Ltd. to build its 19.7-megawatt (MW) hydropower project in Isabela.
On Thursday, Citicore said the two firms — represented by CPI chairman Edgar Saavedra and Xian Electric deputy general manager Liu Zhaohua — signed the Ilaguen 3A hydropower project’s engineering, procurement, and construction contract last March 11.
Construction is expected to commence in the second half of the year, while operations are targeted to begin by October 2024. Once completed, the project aims to provide 85 million kilowatts annually at lower costs to the cities of Cauayan and Santiago, as well as 13 towns in the province.
The project will allow Citicore to achieve its target of producing 1,000MW capacity from renewable energy sources in the next five years.
The run-of-river power generation is one of the most environment-friendly energy methods available because it utilizes natural water flow to generate power.
Currently, the renewable energy firm has 163MW of capacity from its solar power plants located in Bataan, Tarlac, Pampanga, Cebu, Negros Occidental, and South Cotabato. It recently revealed plans to offer the country’s first power real estate investment trust within the year.
Citicore is also set to begin the construction of its 50-megawatt alternating current (MWac) solar plant in Pampanga, which aims to commercially operate by year-end. The project is a joint venture between CPI and AC Energy.
