Solar Philippines, Citicore strike 250-MW Filipino JV deal

Solar Philippines Power Project Holdings Inc and Citicore Power Inc have formally signed a 50/50 joint venture deal that will see the two firms develop at least 250 MW of solar projects in the Philippines.

The joint entity will invest about USD 625 million (EUR 563m) over the next two years, Solar Philippines’ president Leandro Leviste said during the signing ceremony, as cited by the BusinessWorld.

Initially, the JV will build a 60-MW solar park in Calatagan, Batangas by the end of this year and then proceed with another, larger plant in Luzon. Also, the firm will construct a solar power station in Mindanao. The entire portfolio should be completed next year.

Citicore Power, a unit of Citicore Holdings Inc, will not focus solely on solar power as it also aims to realise a wide renewable energy sources portfolio, Citicore founder and director Michael Cosiquien said. It would include a 60-MW hydropower plant (HPP) in Luzon and a 12-MW biomass facility in the Visayas, according to Oliver Tan, CFO of sister company Megawide Construction Corp.

The goal is to develop between 350 MW and 400 MW in about five years, Tan has said.

(USD 1.0 = EUR 0.902)

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