{"id":19547,"date":"2024-07-02T03:04:32","date_gmt":"2024-07-02T03:04:32","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/crec-smc-power-arm-to-boost-solar-capacity-with-153-5-mw-plant-in-bataan\/"},"modified":"2024-07-02T03:04:32","modified_gmt":"2024-07-02T03:04:32","slug":"crec-smc-power-arm-to-boost-solar-capacity-with-153-5-mw-plant-in-bataan","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/crec-smc-power-arm-to-boost-solar-capacity-with-153-5-mw-plant-in-bataan\/","title":{"rendered":"CREC, SMC power arm to boost solar capacity with 153.5-MW plant in Bataan"},"content":{"rendered":"
\n

CITICORE Renewable Energy Corp. (CREC) has formed a joint venture with SMC Global Light and Power Corp. (SGLP), the power arm of San Miguel Corp. (SMC), to build a 153.5-megawatt (MW) solar power plant in Mariveles, Bataan, the Saavedra-led solar power company\u00a0said on Monday.<\/span><\/p>\n

CREC and SGLP recently signed an investment and shareholders agreement to jointly develop, construct, and operate a solar power plant, the company said in a regulatory filing.<\/span><\/p>\n

\u201cThe joint venture will add approximately 76.75MW to the company\u2019s attributable solar energy capacity,\u201d CREC said.<\/span><\/p>\n

\u201cThe parties shall collaborate and cooperate in the financing, construction, ownership, operation, and maintenance of the plant through the subscription to a special purpose entity,\u201d it added.<\/p>\n

SGLP, a wholly owned subsidiary of San Miguel Global Power Holdings Corp., the power arm of San Miguel Corp., intends to participate in a special purpose entity (SPE) for the project, subject to several conditions.<\/span><\/p>\n

These conditions include: incorporation of the SPE; completion of CREC\u2019s due diligence on the SPE within 10 days after its incorporation; transfer of the solar energy operating contract from SGLP to the SPE with consent from the Energy department; CREC\u2019s subscription to the SPE; and execution of energy supply contracts, sublease agreements, and engineering, procurement, and construction contracts with the SPE.<\/span><\/p>\n

Upon satisfaction of these conditions, both parties will subscribe to the SPE, with CREC initially owning 49% and SGLP owning 51% of the total issued and subscribed capital stock.<\/span><\/p>\n

During the construction phase, CREC will subscribe to additional shares, resulting in an equal 50:50 ownership between the two companies.<\/p>\n

Last month, CREC listed its P5.3-billion initial public offering consisting of 1.79 billion common shares, with a 10% overallotment option of up to 178.57-million secondary common shares at P2.70 apiece.<\/p>\n

CREC aims to add one gigawatt (GW) of solar energy capacity annually to the Philippines energy mix, focusing on ready-to-build or under construction projects over the next five years, aiming for a total of around 5 GW by 2028.<\/p>\n

First Metro Investment Corp. Head of Research Cristina S. Ulang said that the joint venture aligns closely with SMC\u2019s strategy to pursue additional joint ventures.<\/p>\n

\u201cRisk sharing is becoming more a feature of SMC\u2019s renewable energy expansion strategy,\u201d she said via Viber.<\/p>\n

Regarding CREC, Ms. Ulang said that the joint venture \u201clightens up the capitalization and risk burden for them too.\u201d<\/p>\n

\u201cThey both have the technology and benefit from tech know-how sharing and capabilities,\u201d she added.<\/p>\n

At the local bourse on Monday, CREC shares in the company closed at P2.69 each. \u2014 Sheldeen Joy Talavera<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

CITICORE Renewable Energy Corp. (CREC) has formed a joint venture with SMC Global Light and Power Corp. (SGLP), the power arm of San Miguel Corp. (SMC), to build a 153.5-megawatt (MW) solar power plant in Mariveles, Bataan, the Saavedra-led solar power company\u00a0said on Monday. CREC and SGLP recently signed an investment and shareholders agreement to [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[18589,16446,6752,4168,14644,14953,15768,12878,4758,12556,4757,140],"class_list":["post-19547","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-153-5-mw","tag-arm","tag-bataan","tag-boost","tag-bworldonline","tag-capacity","tag-crec","tag-plant","tag-power","tag-smc","tag-solar","tag-with"],"yoast_head":"\nCREC, SMC power arm to boost solar capacity with 153.5-MW plant in Bataan - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/crec-smc-power-arm-to-boost-solar-capacity-with-153-5-mw-plant-in-bataan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CREC, SMC power arm to boost solar capacity with 153.5-MW plant in Bataan - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"CITICORE Renewable Energy Corp. (CREC) has formed a joint venture with SMC Global Light and Power Corp. (SGLP), the power arm of San Miguel Corp. (SMC), to build a 153.5-megawatt (MW) solar power plant in Mariveles, Bataan, the Saavedra-led solar power company\u00a0said on Monday. 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