Citicore acquires 5 solar power plants

MANILA, Philippines — Renewable energy developer Citicore Power Inc. (CPI) has acquired five solar power plants totalling nearly 60 megawatts (MW) to boost its portfolio capacity and meet its 1,000 MW target.

The company acquired the solar plants from Armstrong Asset Management Pte Ltd. and its local co-developers.

Both parties signed a share purchase agreement (SPA) last week, with CPI president Oliver Tan noting that the deal is in line with CPI’s target to accelerate its portfolio to 1,000 MW of clean energy from a diversified mix of renewable energy sources.

The company, however, did not detail the value of the transaction due to non-disclosure agreements.

Of the five acquired solar projects, three facilities with a total capacity of 45 MW qualified for the second round of the Department of Energy’s feed-in-tariff (FIT) program, which gives developers a rate of P8.69 per kilowatt-hour (kwh) for 20 years.

Four of the five facilities are located in Luzon – Bulacan, Pampanga and Tarlac City – while the fifth is in South Cotabato in Mindanao.

Tan said the acquisition strengthens CPI’s position in building a nation powered by clean renewable energy.

“This acquisition is attuned to the goals and foundation of CPI in the business of fostering the development of innovative renewable energy projects that would give back to both the community and the environment,” he said.

Prior to the acquisition, CPI operates three solar facilities across the country with an aggregate capacity of 103 MW.

With the additional 59.9 MW, the company now has an aggregate capacity of 163 MW.

“At an aggregate capacity of 163 MW, we can be considered as one of the largest solar power generation companies in the country, and we are looking forward to cater to the growing needs of the market for a competitively-priced, reliable, and sustainable energy,” Tan said.