MANILA, Philippines —Tycoon Edgar Saavedra-led Citicore Renewable Energy Corp. (CREC) on Tuesday broke ground for its 69-megawatt (MW) solar power plant in Negros Occidental province as part of plans to further expand its solar portfolio.
The Citicore Solar Negros Occidental 2 plant covers 69 hectares of land in Silay City. It is expected to be operational this year in compliance with the second Green Energy Auction Program of the Department of Energy.
“With the completion of this project, we will not only be able to augment the power generation needs of Negros Occidental and the Visayas grid, but also contribute to the growth of the province,” CREC president and chief executive Oliver Tan said in a statement.
Tan added that the facility could help bring “substantial socioeconomic gains” and enhance energy access, security and self-sufficiency.
According to CREC, they also plan to expand the project to reach a total gross installed capacity of 100 MW.
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CREC’s first solar plant in the province was commissioned in 2016 with an installed capacity of 25 MW.
Capital expenditure
Tan previously announced that they would earmark P35 billion in capital expenditures this year mainly to expand CREC’s solar power portfolio.
The company aims to add 1 gigawatt (GW) of solar capacity within the year to help reach its goal of building 5 GW in five years.
The Philippine Stock Exchange has cleared the P12.9-billion initial public offering (IPO) of CREC.
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The IPO was initially scheduled in March, although CREC opted to move it to the second quarter, as it was “carefully evaluating offers from various institutions, and hopes to finalize them at the soonest possible time.”
Part of the proceeds to be raised from the IPO will be used to fund the development of solar projects that the company aims to launch by the end of the year.