Citicore Renewable Energy Corp. (CREC) and San Miguel Global Light and Power Corp. (SGLP) have entered into a joint venture for a 153.5 MW solar project in the Philippines.
The two parties will jointly develop, build and operate the factory, which will be located in Barangay Lucanin, Bataan Province, Luzon Island. SLGP is part of San Miguel Global Power Holdings Corp. that focuses on the development and use of renewable energy.
According to a statement to the Philippine Stock Exchange, CREC will initially own 49% and SGLP 51% of the total issued and issued capital of the joint venture. Once the project reaches the construction phase, ownership will be split 50/50.
Local press has reported that the project should be completed by the end of next year.
According to a statement from CREC, the project will add approximately 76.75 MW to solar capacity. The company aims to contribute 1 GW of ready-to-build or under-construction projects every year for the next five years.
Earlier this year, CREC began construction of a 69 MW plant in Negros Occidental province, Philippines.
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