Citicore Renewable Energy Corp. (CREC), the renewable energy arm of the Megawide Group, on Tuesday obtained bid documents for the tender of the 796.95-megawatt Caliraya-Botocan-Kalayaan hydroelectric complex in Laguna.
CREC joins several other companies in expressing interest in the CBK project, which the Power Sector Assets and Liabilities Management (PSALM) plans to auction this year, with turnover to the winning bidder expected next year. Previously, Global Business Power Corp. and First Gen Corp. also indicated interest in acquiring the CBK.
“CREC is continuously seeking opportunities to further expand its renewable energy portfolio as part of its ordinary course of business and may, from time to time, participate in the bidding of interesting renewable energy projects on tender,” the newly-listed renewable energy company told the Philippine Stock Exchange.
The statement further affirmed the “CREC has secured bidding documents in relation to the bidding of the CBK hydroelectric power plant complex.”
Finance Secretary Ralph Recto, who also chairs the PSALM, previously mentioned that the CBK privatization is expected to generate between P50 billion and P100 billion in proceeds. These funds are anticipated to contribute to addressing the government’s projected budget deficit next year.
