Citicore Renewable Energy Corp. said Monday it has formed a strategic partnership with Levanta Renewables, a leading renewable energy platform focused on Southeast Asia and backed by Actis.
The collaboration, established through CREC’s fully owned subsidiary, Citicore Wind Energy Corp., aims to develop a significant onshore wind portfolio in the Philippines. The partnership was formalized with agreements signed on 18 October.
Under this agreement, CREC and Levanta will form a joint venture company responsible for the development, financing, construction, and ongoing operations of four onshore wind projects located in Luzon and Visayas.
These projects, which secured offtake agreements through the Department of Energy’s Green Energy Auction Program in July 2023, will collectively generate a total of 375 megawatts of renewable energy.
“We are entering the next phase of CREC’s journey to power a brighter future for the Philippines with the start of our first four onshore wind projects. There is no better partner to take this step with than Levanta, which brings decades of extensive technical and operational experience to our onshore wind industry,” CREC president Oliver Tan said in a statement.
The partnership is subject to customary conditions and expected to close within the next few months.
CREC, with its diversified project portfolio encompassing solar, hydro, and wind energy, aims for a wind pipeline targeting 3,000 megaWatts of operating generation capacity in the medium to long term.
This complements CREC’s ambitious plan to achieve 5 gigaWatts or 5,000 MW of solar energy by 2028, solidifying its role as a leader in the country’s renewable energy sector.
