Citicore Renewable Energy Corp. (CREC) on Tuesday finally broke ground at its proposed 680 megawatt solar power plant in Tuy, Batangas.
The project is estimated to cost P21.6 billion to be constructed in two phases over two years and begin commercial operations by 2024.
CREC said Megawide Construction Corporation – Citicore Construction Inc. have been engaged for plant pre-development, construction and commissioning.
“Aside from this development, we are also investing in a battery energy storage system (BESS) to extend the life of solar energy beyond daytime and offer more competitive alternatives to end-users,” said Oliver Tan, CREC president and chief executive officer, at the ground breaking ceremony.
Earlier, CREC set aside $800 million or P43.58 billion as capital expenditure this year to add 1,000 MW to its portfolio.
CREC has an installed capacity of 241 MW from solar power projects.
Tan previously said around 600 MW are projects located in Batangas and the remaining 400 MW are power plants in Pampanga as well as an expansion of an existing project in Tarlac.
The company plans building a pipeline of projects totaling 5,000 MW within five years and a target portfolio of 1,250 MW by early 2024.
CREC’s largest power projects are solar farms with capacity of 60 MW in Toledo, Cebu; 25 MW in Silay, Negros Occidental; 22 MW in Clark, Pampanga; 18 MW in Mariveles, Bataan; and 15 MW in San Ildefonso, Bulacan.
