The multi-dimensional green energy investment play of Citicore Renewable Energy Corporation (CREC) in Pangasinan province is taking off with its blueprinted 240-megawatt solar farm to be sited in Binalonan town.

To jumpstart the project, the company held its groundbreaking rites this week – and that effectively marked the facility’s advancement into implementation stage.

The Binalonan solar project will be carried out in two phases – the first one will be of 168MW capacity with commercial operations date (COD) by the end of this year; while the second phase will be of 72MW capacity to be delivered by December 2025.

The generated capacity of the solar plant is underpinned by a 20-year power supply agreement (PSA) awarded by the government via the Department of Energy-enabled green energy auction (GEA) program – and that will guarantee the project sponsor-firm’s revenue stream within the stretch of two decades.

Once the facility is commercially on-line, it will yield annual power generation of 326 gigawatt-hours, a scale that shall be enough to meet the electricity needs of 136,000 households.

Groundbreaking of Citicore's 240MW solar farm project in Binalonan, Pangasinan.

On the sphere of environment benefits, the equivalent carbon emissions that could be avoided may reach as much as 228,000 tonnes annually, according to CREC.

Beyond concretizing this solar venture, Citicore indicated that Pangasinan will be among the major home base of its renewable energy (RE) investments – not just on solar developments, but also for wind farm installation.

CREC President and CEO Oliver Y. Tan enthusiastically told officials in their host community that “this development demonstrates our strong support of the provincial and municipal governments’ vision for the future,” while emphasizing that “this is only the start of renewable energy developments in the province.”

Already unveiled for next phases of Citicore’s green capital infusion in Pangasinan would be two more solar plants with aggregate capacity of 270MW; then a 150MW onshore wind farm development.

“Through partnerships of this nature, we aim to catalyze growth and prosperity across the entire province,” Tan stressed.

Latching on to the company’s 5.0-gigawatt solar buildout plan within five years, CREC Chairman Edgar B. Saavedra highlighted that “only a common vision and collaborative effort can make this goal possible and we recognize the vital roles that partnerships and stakeholders play in achieving this promise.”

On their pivotal role of hosting the project, Binalonan Mayor Ramon Ronald Guico IV asserted that “Citicore’s solar power plant here in the municipality shows Binalonan’s progressiveness and ability to embrace change for a better and greener future.”

In parallel, Pangasinan Governor Ramon Guico III had cited the flurry of opportunities that the project will unlock for the province and its people; further conveying to Citicore that “we can expand [our partnership] and do a lot more in the future because we need to uplift the lives of our kababayans.”