Citicore Renewable Energy Corp. (CREC) and San Miguel Global Light and Power Corp. (SGLP) have entered into a joint venture for a 153.5 MW solar project in the Philippines.
The two parties will jointly develop, build and operate the plant, to be located in Barangay Lucanin, within the province of Bataan on the island of Luzon. SLGP is a unit of San Miguel Global Power Holdings Corp. focused on the development and use of renewable energy.
According to a statement to the Philippine Stock Exchange, CREC will initially own 49% and SGLP 51% of the total issued and subscribed capital stock of the joint venture company. Once the project reaches the construction phase, ownership will be split 50/50.
Local press has reported the project should be completed by the end of next year.
A statement from CREC said the project will add around 76.75 MW to its solar energy capacity. The company is working toward contributing 1 GW of ready-to-build or under-construction projects every year over the next five years.
Earlier this year, CREC began constructing a 69 MW plant in Negros Occidental province, the Philippines.
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