Citicore Renewable Energy Corporation (CREC) and San Miguel Global Light and Power Corp. (SGLP)—both owned by Filipino tycoons—have agreed to develop a solar power plant in Bataan.
In a disclosure to the local bourse on Monday, Edgar Saavedra-led CREC said its board of directors had approved the proposed joint venture with SGLP for the establishment and operation of the 153.5-megawatt (MW) solar power plant in Mariveles, Bataan.
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SGLP is a unit of SMC Global Power Holdings, the power arm of Ramon Ang-led San Miguel Corp.
The companies did not disclose the investment amount and timeline of the project.
According to the filing, a “special purpose entity” will be created, with CREC initially holding 49 percent while the rest would go to SGLP. CREC will subscribe to additional shares during the construction phase, subsequently leading to equal share in ownership.
The board of the special vehicle will be composed of six directors, with CREC and SGLP securing three spots each. —Lisbet K. Esmael INQ