CITICORE Power, a wholly owned subsidiary of Citicore Holdings Investment Inc., is boosting its renewable energy (RE) portfolio this year by adding 322 megawatts (MW) of combined capacity from hydro, solar and biomass facilities.
This is part of the tack toward a stronger presence in RE, said CFO Oliver Tan.
Tan noted sister company Megawide Construction Corp. is now at the forefront of green technology. ”Henceforth, we would like to apply the same thing in our power business,” he told reporters over the weekend.
Tan said the entire portfolio would be up and running in four to five years.
Citicore Power expects to roll out a 250-megawatt (MW) solar farm with Solar Philippines this year, and develop a 60-MW hydropower facility in Luzon that will be constructed early next year.
“For the 60-MW hydro plant… that would take more or less four years to complete,” Tan said.
The company is also eyeing to put up a 12-MW biomass facility in the Visayas early next year.
“For the biomass, it would be roughly 14 to 15 months to complete,” Tan said.
The company is looking at two potential wind projects, “but it is really at the very early stage.”
On the likelihood of launching and initial public offering, Tan said it could happen once the company has enough number of megawatts in its portfolio.
“That’s a possibility for Citicore Power . . . as soon as we accumulate or build a sizable portfolio of renewable energy,” he said.
That means 700 to 800 MW, he added.