Citicore Renewable Energy Corp. (CREC) said Monday its board has approved the proposed joint venture with San Miguel Global Light and Power Corp. (SGLP) for the 153.5-megawatt solar power plant project in Brgy. Lucanin, Mariveles, Bataan, subject to the execution of definitive documentation.
CREC disclosed to the Philippine Stock Exchange that it signed on June 28, 2024, an investment and shareholders agreement with SLGP to jointly develop, build, and operate a solar power plant project.
It said the parties shall collaborate and cooperate in the financing, construction, ownership, operation, and maintenance of the plant through the subscription to a special purpose entity.
CREC will initially own 49 percent and SGLP will own 51 percent of its total issued and subscribed capital stock of the joint venture company.
Upon reaching the construction phase, CREC shall subscribe to additional shares, resulting in an ownership split of 50 percent each between CREC and SGLP.
The special purpose entity’s board shall consist of six directors, where each of the parties shall be entitled to nominate three directors each.
CREC said the transaction will increase the company’s attributable solar energy capacity in line with its goal of contributing approximately one gigawatt (1GW) of ready-to-build/under construction solar energy capacity a year for the next five years.
“The joint venture will add approximately 76.75MW to the company’s attributable solar energy capacity,” it said.
SMC Global Light and Power Corp., a unit of San Miguel Global Power Holdings Corp. is engaged in power generation, such as the exploration, development and utilization of renewable energy resources.