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Singaporean firm enters Philippines wind market with CREC

Business

Singaporean firm enters Philippines wind market with CREC

By Gabriell Christel Galang

Citicore Renewable Energy Corp. (CREC) has partnered with Levanta Renewables to develop an onshore wind portfolio in the country.

Through its subsidiary, Citicore Wind Energy Corp. (CWEC), CREC said it will collaborate with Levanta on four onshore wind projects in Luzon and Visayas.

CREC said the partnership aims to accelerate the country's transition to renewable energy sources.

The projects, which secured offtake agreements through the Department of Energy's Green Energy Auction Program (GEAP), have a combined capacity of 375 megawatts (MW).

Oliver Tan, CREC president said the partnership marked Levanta's entry into the Philippines.

Levanta Renewables, a Singapore-based firm backed by Actis, has a strong presence across Southeast Asia, specializing in developing, financing, constructing, and operating renewable energy projects.

By partnering with CREC, Levanta aims to expand its footprint in the Philippines wind market and contribute to its ambitious goal of reaching 1.5 gigawatts of operating capacity by 2028.

“We intend to leverage our partnership with CREC to pursue more utility-scale renewable energy projects in the Philippines,” Sudhir Nunes, Levanta chief executive officer, said.

The partnership is expected to be finalized in the coming months.

CREC, which has a project portfolio that includes solar, hydro, and wind energy, is targeting a total operating generation capacity of three gigawatts by 2028 in addition to its 5 gigawatts of solar energy.

Related Tags

Citicore Renewable Energy Corporation Levanta Renewables

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