CITICORE Renewable Energy Corp. (CREC) said its unit plans to speculate P9.6 billion in a wind power project in Pangasinan, which is predicted to generate 80 megawatts (MW) of electricity.
Citicore Wind Energy Corp. (CWEC), through its subsidiary Citicore Wind Pangasinan 2, Inc., is targeting to finish the wind project by the primary quarter of 2028, CREC said in a disclosure on Monday.
The corporate said the project goals to scale back greenhouse gas emissions related to power generation and maximize the economic potential of the mountainous areas of Sual and Labrador.
“The project is anticipated to supply clean electricity and native employment opportunities during its pre-construction, construction, and operational stages. Moreover, it seeks to scale back the Philippines’ dependence on fossil fuel energies and mitigate the impacts on climate change,” CWEC said.
“Moreover, it seeks to lower electricity costs and increase the demand for electricity to reinforce the steadiness of Luzon’s energy supply,” it added.
The project is among the many winning bids under the second round of the Green Energy Auction Program (GEA-2) conducted in 2023, securing an offtake contract with the Philippine government.
CREC, directly and thru its subsidiaries and joint ventures, manages a diversified portfolio of renewable energy assets, including solar, hydro, and wind platforms.
For 2024, CREC earmarked over $1 billion in capital expenditures, with the bulk allocated to its first gigawatt (GW) of solar energy projects.
Thus far, the corporate has a combined gross installed capability of 285 MW from its solar facilities within the Philippines.
CREC goals so as to add 1 GW of capability annually to the country’s energy mix through ready-to-build and under-construction projects, targeting roughly 5 GW by 2028. — Sheldeen Joy Talavera