2 power houses join forces to build 153-MW Bataan solar plant

To augment its solar power capacity, Edgar Saavedra’s newly listed Citicore Renewable Energy Corp. (CREC) is forming a joint venture with San Miguel Global Light and Power Corp. (SGLP), a power unit that falls under Ramon S. Ang’s conglomerate.

In a regulatory filing on Monday, CREC said the Board of Directors-approved venture covers the construction and operation of a 153.5-megawatt (MW) Solar Power Plant in Barangay Lucanin, Mariveles, Bataan.

Last Friday, the parties signed an investment and shareholders agreement to formalize their joint venture.

They agreed to subscribe to the special purpose entity (SPE), with CREC initially owning 49 percent and SGLP owning 51 percent of the total issued and subscribed capital stock.

Upon reaching the construction phase, CREC will subscribe to additional shares, resulting in an equal ownership split of 50 percent each between CREC and SGLP.

The SPE's Board of Directors will consist of six members, with each party entitled to nominate three directors.

According to CREC, the joint venture will add approximately 76.75 MW to its attributable solar energy capacity. To date, CREC has 285 MW of installed capacity. 

Under a five-year plan, CREC aims to contribute approximately 1,000 MW of ready-to-build/under-construction solar energy capacity in the Philippine energy mix per year—equivalent to approximately 5,000 MW by 2028.

CREC is the third publicly listed company under Saavedra's leadership.