CITICORE Renewable Energy Corp. (CREC) is looking to spend around $800 million for capital expenditure (CAPEX) projects this year to expand its renewable energy portfolio.
In a report by Business World, CREC president and CEO Oliver Tan said that their target for the year is one gigawatt for around $800 million.
CREC is the parent company of listed company, Citicore Energy REIT Corp.
Tan said that CREC is looking to build five GW of RE projects in the next five years, with at least 1.5 GW targeted for development this year.
CREC’s portfolio will include solar, run-of-river hydropower, and offshore wind projects, and will be divided into short, medium, and long-term projects, Tan said.
The CREC official said that they will focus on solar power for the near term and they have begun construction for its first run-of-river hydropower project.
The 19.7 megawatt-peak run-of-river project in Ilagan Isabela is expected to be completed in three years. CREC is planning to sell the project to Isabela Electric Cooperative, Inc.
Once completed, the hydro project may be expanded to three times the current capacity “because the Ilagan River is very big,” Tan said.
CREC currently has seven service contracts from the Department of Energy (DOE), for offshore wind projects with a potential output of three gigawatts. Three of the projects are located in North Luzon, two are in Guimaras, and two are in Zambales.
As for offshore wind projects, Tan said that CREC is looking at partnering with foreign firms.
In related developments, CREC is planning to go public this year in order to fund the needed investments for its projects within the five-year timeline.