CREC eyes P9.6-B investment in Pangasinan wind project

CITICORE Renewable Energy Corp. (CREC) said its unit plans to invest P9.6 billion in a wind power project in Pangasinan, which is expected to generate 80 megawatts (MW) of electricity.

Citicore Wind Energy Corp. (CWEC), through its subsidiary Citicore Wind Pangasinan 2, Inc., is targeting to complete the wind project by the first quarter of 2028, CREC said in a disclosure on Monday.

The company said the project aims to reduce greenhouse gas emissions associated with power generation and maximize the economic potential of the mountainous areas of Sual and Labrador.

“The project is anticipated to provide clean electricity and local employment opportunities during its pre-construction, construction, and operational stages. Additionally, it seeks to reduce the Philippines’ dependence on fossil fuel energies and mitigate the impacts on climate change,” CWEC said.

“Furthermore, it seeks to lower electricity costs and increase the demand for electricity to enhance the stability of Luzon’s energy supply,” it added.

The project is among the 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 through 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 majority allocated to its first gigawatt (GW) of solar power projects.

To date, the company has a combined gross installed capacity of 285 MW from its solar facilities in the Philippines.

CREC aims to add 1 GW of capacity annually to the country’s energy mix through ready-to-build and under-construction projects, targeting approximately 5 GW by 2028. — Sheldeen Joy Talavera