Megawide to buy Philippine renewables co Citicore Power

Philippine builder Megawide Construction Corp announced it has entered into an agreement to take over local firm Citicore Power Inc, which has a commitment to generate 1,000 MW of renewable energy.

Megawide said in a bourse filing today that it is acquiring this company from Citicore Holdings Investment Inc. The closing of the transaction, whose value was not given, is subject to a Fair Valuation Report from an independent party that is yet to be engaged.

Citicore Power currently operates three solar parks in the provinces of Bataan, Negros Occidental and Cebu, with a combined capacity surpassing 100 MW. The company also plans to add biomass, wind and hydropower assets to its portfolio.

The acquisition is part of Megawide’s newly unveiled five-year plan that aims to establish the company as a diversified infrastructure conglomerate with construction, airport, transport and power generation activities.

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