Renewable energy real estate investment trust Citicore Energy REIT Corporation (CREIT) announced plans to complete 32 clean power projects across Luzon and Visayas within the next five years.
In a three-year investment strategy report filed with the Philippine Stock Exchange, CREIT stated that these renewable energy projects are in various stages of development, with some incorporating Battery Energy Storage Systems (BESS).
“[This is] in line with our ambition of developing approximately 1.0 gigawatts (GW) of ready-to-build/under construction solar energy capacity per year for the next five years,” CREIT stated.
According to CREIT, the total gross installed capacity of solar and onshore wind energy projects for the pre-development substage is 1,722 megawatts (MW).
This includes projects situated in Bataan, Negros, Pampanga, Pangasinan, and Quezon Province.
As of end-September, Citicore Renewable Energy Corp. (CREC), its RE developer and operator, noted 12 energy projects in advanced development and are at around 1,426.8 MW in gross installed capacity.
“We expect to complete [these] within the next two to three years,” CREIT said. “These renewable energy projects are being undertaken by CREC’s subsidiaries and through joint ventures with large-scale renewable energy developers.”
Last year, the RE firm acquired 517.58 hectares of land from multiple landowners in Batangas, Pampanga, and Pangasinan; these areas were said to be ideal for developing utility-scale solar power plants since they are near the substations of the National Grid Corporation of the Philippines (NGCP) and have been proven as solar irradiance resources.
In September 2024, CREIT paid P4.45 billion to acquire these properties to push through their goal to expand their project portfolio.
Furthermore, these acquisitions would help CREC reach a gross installed capacity of approximately 4,248.8 MW of additional solar power and onshore wind power capacity.