Alternative or renewable energy (RE) developer Citicore Renewable Energy Corp. (CREC) has set aside capital expenditure of $800 million or P43.58 billion this year meant to add 1,000 megawatts (MW) worth of projects in its portfolio.
CREC currently has installed capacity of 241 MW from its solar power projects or just a fraction of an eventual 5,000-MW installed capacity over a medium horizon.
Oliver Tan, CREC president and CEO, told journalists on Friday that of the 1,000 MW, around 600 MW are for projects in Batangas and the remaining 400 MW will be for power plants in Pampanga and the expansion of an existing project in Tarlac.
He quickly added the busines is set to file a $4-billion or P218-billion initial public offering (IPO) by the second quarter of the year.
According to Tan, the IPO is preparatory to undertaking a 5,000-MW pipeline of projects over a five-year horizon ending with a portfolio of at least 1,250 MG by early 2024.
“So, near term we focus on solar but started the construction of our first run-of-river. And if you look at our portfolio, we actually have wind projects. Our portfolio is more of short, medium and long term,” he said.
Tan also expressed optimism the government decision allowing full foreign ownership of RE projects will complement with local player strengths.
“We welcome them since the capital requirement is enormous. Locals cannot do this alone and I think it will be mutually beneficial to partner with locals since locals know how to navigate the land acquisition, permitting” and other issues Tan said.
CREC’s power projects include a 60 MW solar farm 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, among projects.
