The board of Citicore Renewable Energy Corp. (CREC) approved the proposed joint venture with San Miguel Global Light and Power Corp. (SGLP) for the 153.5-MW solar power project in Barangay Lucanin, Mariveles, Bataan, Philippines.
CREC will initially own 49% and SGLP will take 51% of the total issued and subscribed capital stock of the joint venture company. CREC said that upon reaching the construction phase, it would subscribe to additional shares, resulting in an ownership split of 50% each between CREC and SGLP. The special purpose entity’s board will consist of six directors, where each of the parties will be entitled to nominate three directors each.
CREC said the transaction would increase the company’s attributable solar energy capacity in line with its goal of contributing 1 GW of ready-to-build/under construction solar energy capacity a year for the next five years. “The joint venture will add approximately 76.75 MW to the company’s attributable solar energy capacity,” said CREC in a statement.
SMC Global Light and Power, a unit of San Miguel Global Power Holdings Corp., is engaged in power generation such as the exploration, development, and utilization of renewable energy resources.
