Citicore Partners With Levanta For Maiden Wind Investments In PH

Citicore Renewable Energy Corporation (CREC), through its 100% owned subsidiary and wind generation platform Citicore Wind Energy Corporation (CWEC), is partnering with Levanta Renewables (Levanta), a prominent renewable energy platform focused on Southeast Asia, to develop an onshore wind portfolio in the Philippines.

Through this partnership, Levanta and CREC will establish a joint venture company that will drive the development of CREC’s onshore wind projects. I Photo: CREC

The company disclosed to the Philippine Stock Exchange (PSE) that through this partnership, Levanta and CREC will establish a joint venture company that will drive the development of CREC’s onshore wind projects.

This strategic partnership will encompass the development, financing, construction, and operations and maintenance of Citicore’s four onshore wind projects located in Luzon and Visayas.

All of the aforementioned secured offtake agreements via the Department of Energy’s Green Energy Auction Program (GEAP) in July 2023, with a total of 375 megawatts.

Oliver Tan, President of CREC, emphasized, “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.”

He noted that CREC has a diversified project portfolio consisting of solar, hydro, and wind energy, with its wind pipeline targeting 3 GW of operating generation capacity over the medium and long term, complementing its 5 GW of solar energy by 2028.

Sudhir Nunes, CEO of Levanta, stated, “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 Philippine 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.”