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In a significant move to advance the Philippines’ renewable energy landscape, Citicore Renewable Energy Corp. (CREC) and San Miguel Global Light & Power Corp. (SGLP), a subsidiary of San Miguel Corp., have forged a strategic alliance. The two energy giants announced a joint venture to develop, construct, and operate a new 153.5-megawatt solar power facility in Barangay Lucanin, Mariveles, Bataan.
Details of the Joint Venture
The partnership will be managed through a newly formed special purpose entity responsible for the project’s financing, construction, ownership, and long-term operation and maintenance. According to the agreement, the initial ownership structure will see SGLP holding a 51% stake, with CREC controlling the remaining 49%. However, the terms stipulate that CREC will increase its shares during the project’s development, culminating in an equal 50-50 ownership for both partners, reflecting a balanced and collaborative long-term vision.
A Boost for National Energy Goals
With construction anticipated to begin in late 2024 or the first quarter of 2025, the Bataan solar plant is on track to commence operations by early 2026. This timeline positions the project as a key contributor to the Philippines’ ambitious national energy targets, which aim for renewable sources to constitute 35% of the country’s energy mix by 2030 and 50% by 2040. The collaboration between industry leaders Edgar Saavedra of CREC and Ramon Ang of San Miguel Corp. underscores the private sector’s critical role in achieving this green energy transition.
Economic and Environmental Impact
Beyond its clean energy output, the Lucanin solar project is poised to deliver substantial economic and environmental benefits. The facility’s development will generate local employment opportunities and stimulate economic activity in the Bataan region. On a national scale, it will bolster the country’s energy security by diversifying the power grid and reducing dependence on imported fossil fuels. Furthermore, the project will play a vital role in cutting greenhouse gas emissions, helping the Philippines meet its international climate commitments and paving the way for a more sustainable future.
Sources for Solar Power Plant Partnership for 153.5MW in Philippines
- Citicore, SGLP to develop 153.5-MW solar plant in PH | Asian Power
- Citicore, SMC Global in a 153.5MW solar farm joint venture
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