Citicore Power purchases five solar power plants
CITICORE POWER, Inc. (CPI) acquired five solar power plants with a total capacity of 59.9 megawatts (MW) from Armstrong Asset Management Pte Ltd. and its local co-developers, the company said on Sunday.
“We are very excited about this acquisition as it strengthens our position in building a nation powered by clean renewable energy,” said Citicore President Oliver Y. Tan in a statement.
“At an aggregate capacity of 163 MW, we can be considered as one of the largest solar power generation companies in the country, and we are looking forward to cater to the growing needs of the market for a competitivelypriced, reliable, and sustainable energy,” he added.
Citicore said it had signed a share purchase agreement on May 17, 2018 with Armstrong. The deal is in line with the company’s target to hasten its portfolio buildup to 1,000 MW of clean energy from a diversified mix of renewable energy resources.
Of the five acquired solar projects, Citicore said the three facilities with a total capacity of 45 MW qualified for the second round of the Department of Energy’s feed- in- tariff program.
Four of the five facilities are located in Luzon, specifically Bulacan, Pampanga and Tarlac City. The fifth is in South Cotabato in Mindanao.
“This acquisition is attuned to the goals and foundation of CPI in the business of fostering the development of innovative renewable energy projects that would give back to both the community and the environment,” Mr. Tan said.
He said the latest addition to the company’s capacity ensures the continuous supply of power for its growing retail electricity customers through its unit Citicore Energy Solutions, Inc.
The unit currently supplies power to Ayala- led companies through AC Energy Holdings, Inc. Other clients include Citystate Centre Condominium Corp. and the Mactan Cebu International Airport.
The company said it powers the equivalent of more than 2 million home, and its facilities displace as much as 200,000 metric tons of carbon emissions yearly.
The company, whose parent Citicore Holdings, Inc. is an affiliate of Megawide Construction Corp., currently operates three solar facilities across the country with total capacity of 103 MW. —