Citicore Renewable Energy Corp. (CREC) is keen on completing its 240-megawatt solar power project in Binalonan, Pangasinan following a ceremonial groundbreaking on Wednesday.
When completed, the facility is capable of generating approximately 326 gigawatt-hours of power, enough to energize approximately 136,000 households and prevent the emission of 228,000 tons of carbon into the atmosphere each year.
The first phase of the project comprising 168 MW of gross installed capacity is seen starting commercial operations towards yearend.
The second phase of the project comprising 72 MW of gross installed capacity is expected to commence commercial operations in December 2025.
In addition to the Binalonan groundbreaking, CREC also announced plans for two other projects in Pangasinan that include another 270-MW solar power plant and a 150-MW onshore wind power project seen operational at the same time as the Binalonan project.
CREC also said its aims to contribute approximately 1 gigawatt of ready-to-build solar energy every year for the next five years and spend at least P35 billion this year in pursuit of its renewable energy development goals.
The bulk of the amount will be raised through internally generated funds and from proceeds from its scheduled initial public offering this year.
CREC has 10 sites under construction including two Pangasinan solar projects, one in Negros Occidental, four in Batangas, one in Pampanga and two others in Quezon Province scheduled for completion before the year ends.
Existing CREC facilities include solar farms worth 60 MW in Toledo, Cebu; 22 MW in Clark, Pampanga; 18 MW in Mariveles, Bataan; and 15 MW in San Ildefonso, Bulacan, among others.
