Citicore Renewable Energy Corp. (CREC) said Monday its subsidiary Citicore Wind Energy Corp. (CWEC) teamed up with Levanta Renewables (Levanta), a leading Southeast Asia-focused renewable energy platform backed by Actis, to develop four onshore wind portfolio in the Philippines with combined capacity of 375 megawatts.
CREC said that under the terms of the agreements signed on Oct. 18, 2024, the parties would establish a joint venture company to drive the development of CREC’s onshore wind projects, which secured offtake contracts via the Department of Energy’s Green Energy Auction Program (GEAP) in July 2023.
“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,” CREC president Oliver Tan said.
“They bring decades of extensive technical and operational experience to this partnership and to our onshore wind industry,” Tan said.
CREC has a diversified project portfolio comprising of solar, hydro and wind energy, with its wind pipeline targeting 3 gigawatts of operating generation capacity over the medium and long term to complement its 5 GW of solar energy in five years or until 2028.
“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 1.5 GW of operating capacity across Southeast Asia by 2028. We intend to leverage our partnership with CREC to pursue more utility scale renewable energy projects in the Philippines,” said Levanta chief executive Sudhir Nunes.
The partnership is subject to and conditional upon certain customary conditions and is expected to close in the next few months.
Levanta is headquartered in Singapore and operates across the Philippines, Vietnam, Thailand, Malaysia and Indonesia.
As Actis’s renewable energy platform for Southeast Asia, Levanta s poised to achieve an operating capacity of 1.5 GW by 2028, reinforcing its dedication to sustainability and clean energy advancement in the region.
Meanwhile, Actis is a leading global investor in sustainable infrastructure, delivering competitive returns for institutional investors and measurable positive impact for the countries cities and communities where it operates.
