Connect with us

Hi, what are you looking for?

Economy

Citicore Power targets commercial run of Pampanga solar farm by end-2021

CITICORE Power, Inc. is aiming to complete its solar farm in Pampanga by yearend as construction is scheduled to start next month, its top official said on Monday.

“This will probably be one of the fastest construction timelines because we’re aiming to have it commissioned after nine months. We’re hopeful that we would be able to complete the plan by yearend,” Citicore Power President Oliver Y. Tan told BusinessWorld in a phone interview.

The solar facility, a joint venture with Ayala Corp.’s energy arm, is preparing for its scheduled ground breaking “in the second week of March,” he said.

He added that the group was in the process of finalizing the legal and engineering plans as well as the remaining permits for building its 50-megawatt of alternating current (MWac) facility in Arayat and Mexico, Pampanga.

Citicore Power is a wholly owned subsidiary of Citicore Holdings, Inc.

Citicore subsidiary Citicore Solar Energy Corp. earlier signed a shareholders’ agreement with Ayala-led AC Energy Corp. and the latter’s unit ACE Endevor, Inc. to build the solar facility.

In a disclosure on Feb. 5, AC Energy said that it would extend a loan of P2.675 billion to the project’s special purpose vehicle Greencore Power Solutions 3, Inc. to finance the facility’s design, engineering, construction, procurement and supply, operation and maintenance.

The project’s construction timeline was already pushed back to a later schedule due to the restrictions caused by the global health emergency, Mr. Tan said.

“We encountered some delays in rolling out. In fact, (we should have broken ground for the) Pampanga project last year but we encountered delays mainly because of the pandemic. We’re hopeful that we’ll be able to catch up this year, especially once the (coronavirus disease 2019) vaccine arrives and we have the immunization going on,” he said.

“We’re looking at things to regain momentum by the second half of the year,” he added.

Once completed, the solar facility would be the first project to contribute to Citicore Power’s goal of reaching a total capacity of 1.5 gigawatts by 2025, Mr. Tan said. This would be on top of the 168 MW that the company’s eight existing solar farms are producing.

On its website, Citicore Power says it is a renewable energy company committed to achieving a “healthy energy mix and lessening the country’s dependence on fossil fuels.” — Angelica Y. Yang

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

A cabinet split is hampering the government’s efforts to deal with the nationwide shortage of lorry drivers that threatens fuel supplies at some petrol...

Investing

Pubgoers are flocking back to their locals, according to figures that drew a cautious toast from the industry but also prompted warnings of fresh...

Investing

Ministers are backing a multibillion-pound plan to build another large-scale nuclear power plant in Britain to ease pressure on electricity supplies as the country...

Economy

The Philippines’ balance of payment position (BoP) hit $1.044 billion in August, the highest in four months, due to increased special drawing rights (SDR)...

Economy

Consumers were less pessimistic in the third quarter as more jobs opened up, but business sentiment turned sour amid a fresh surge in coronavirus...

Economy

The Philippine central bank fully awarded the short-term securities it sold at an auction on Friday, even as rates rose on growing inflation fears....

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!