Citicore Renewable Energy Corp. said it formed a joint venture company with SMC Global Light and Power Corp. that will develop, construct, and operate a153.5 megaWatt solar power farm in Mariveles, Bataan.
Under the agreement, Citicore and SMC Global will jointly finance, construct, own, operate, and maintain the solar power plant through the joint venture company. The venture, Citicore said, underscores its and SMC Global’s commitment to expanding the renewable energy infrastructure in the country.
Once all conditions precedent are met, both parties will subscribe to the special purpose entity. Initially, Citicore will hold a 49 percent stake, while SMC Global will own 51 percent of the joint venture company.
As the project progresses into the construction phase, Citicore plans to increase its ownership to 50 percent.Citicore said this strategic partnership is expected to bolster its solar energy capacity by approximately 76.75MW, aligning with its ambitious target to contribute around 1.0 gigaWatt of solar energy capacity annually over the next five years.
The project not only strengthens Citicore’s position in the renewable energy sector but also underscores its commitment to sustainable energy development in the country.
SMC Global is a unit of San Miguel Corp.
