Citicore Renewable Energy Corp. (CREC) is increasing its solar energy ambitions for the next five…
Energy company increases its solar power goals
Citicore Renewable Energy Corp. (CREC) is increasing its solar energy ambitions for the next five years as the government becomes more aggressive in enticing investments in renewable energy.
Because of the nation’s expanding power needs, the company has increased its initial objective of 1,500 MV for the same period to 5,000 MW over the next five years.
“Our pipeline projects, which were originally 1.5 gigawatts, or 1,500 MW, are being upgraded, and our goal for this year is to break ground on 1 GW of new projects. In other words, by the beginning of next year, we will have about 1.25 GW of installed capacity, said Oliver Tan, president and CEO of CREC, in a weekend interview.
According to him, the initiatives will bring in PHP7 billion to PHP8 billion for the business.
Tan continued by saying that CREC is allotting USD800 million in capital expenditures (capex) this year to finance the new projects, which are anticipated to be finished by the beginning of 2024.
The company’s 600 MW solar project in Batangas will receive the bulk of this year’s capital expenditures, he noted.
Tan said CREC is investing in battery energy storage systems this year in addition to growing its solar power portfolio.
He continued by saying that energy storage system investments are essential to accelerating and enhancing the transmission of production from renewable energy plants.
Tan declared, “We have a robust strategy in place to encourage our renewable energy.” “The development of energy storage technologies will be what the government needs to support.”
CREC expects to invest USD4 billion to support its 5,000 MW of solar power projects in five years with its revised targets for the medium term.
CREC will go public this year to raise money for these initiatives, but Tan would not immediately provide any information.***
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