Citicore Renewable Energy Corporation (CREC) has announced a partnership with Levanta Renewables (Levanta) to develop an onshore wind portfolio in the Philippines.
The collaboration will be facilitated through CREC’s wholly owned subsidiary, Citicore Wind Energy Corporation (CWEC).
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Actis-backed Levanta, a renewable energy platform with a focus on South East Asia, will co-create a joint venture company with CREC.
This entity will spearhead the development of CREC’s onshore wind projects.
The alliance will encompass various aspects of the projects including development, financing, construction, and operations and maintenance.
Its scope includes four onshore wind projects in Luzon and Visayas.
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By GlobalDataThese projects, which secured offtake agreements through the Department of Energy’s Green Energy Auction Program in July 2023, have a combined capacity of 375MW.
CREC president Oliver Tan said: “We are entering the next phase of CREC’s journey to power a brighter future for the Philippines with the start of our first four onshore wind projects, and there is no better partner to take this step with than Levanta.
“They bring decades of extensive technical and operational experience to this partnership and to our onshore wind industry.”
LevantaCEO Sudhir Nunes said: “We are delighted to partner with CREC on the development of onshore wind projects in the Philippines.
“This partnership marks Levanta’s entry into the Philippines wind market, serving as a key step towards its goal of achieving 1.5GW of operating capacity across South East Asia by 2028. We intend to leverage our partnership with CREC to pursue more utility scale renewable energy projects in the Philippines.”
The partnership is subject to customary conditions and expected to close within the next few months.
CREC‘s project portfolio includes solar, hydro and wind energy.
With a wind pipeline aimed at achieving 3GW of operational generation capacity in the medium to long term, CREC plans to complement its ambitious goal of 5GW of solar energy by 2028.
