Tycoon Edgar Saavedra-led Citicore Renewable Energy Corp. (CREC) initiated the construction of its 69-megawatt (MW) solar power facility in Silay City, Negros Occidental.
The Citicore Solar Negros Occidental 2 plant, covering 69 hectares, aims to become operational this year, aligning with the Department of Energy’s second Green Energy Auction Program.
CREC President and CEO Oliver Tan expressed that the project would not only contribute to the energy needs of Negros Occidental but also foster socio-economic gains, enhance energy access, and promote self-sufficiency.
CREC plans to expand the project to achieve a total gross installed capacity of 100 MW, with an overall goal of adding 1 gigawatt (GW) of solar capacity within the year as part of its commitment to building 5 GW in the next five years. The Philippine Stock Exchange has approved CREC’s P12.9-billion initial public offering (IPO).
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
