Solar Philippines and Citicore Power have entered into a joint venture to produce 250 megawatts (MW) of solar energy by 2016.
The partnership aims to take part in the Energy Department’s 500-MW Feed-in-Tariff and build the largest solar portfolio in Southeast Asia.
At the signing ceremony, Solar Philippines was represented by CEO Leandro Leviste and Citicore Power was represented by Megawide CEO Michael Cosiquien and CFO Oliver Tan.
“We believe solar has massive potential for growth, and this is just the first of many investments we will make in clean, renewable energy,” Cosiquien said.
“In a few years’ time, solar will become cheaper than fossil fuel, and one day supply the majority of this countryâ€™s energy needs,” Leviste noted.
The joint venture’s first project will be a 60-MW power plant in Calatagan, Batangas, where construction has already begun. The is expected to supply enough power for the entire western Batangas once it is operational. It will also become the largest solar farm in Luzon and offset over one million tons of carbon dioxide, which is equivalent to plantingover five million trees, for over three decades of operation.
The venture is the first time that an all-Filipino partnership is investing in solar projects. Solar Philippines and Citicore’s projects are expected to create 10,000 construction jobs.
The total solar capacity in the Philippines is expected to reach 500 MW by the end of 2015
Originally from GMA News