By Juzel L. Danganan
MANILA, May 24 (PNA) – Citicore Power, a subsidiary of Citicore Investments Holdings, Inc. (CHI), targets a renewable energy capacity of 322 Megawatts (MWs) by 2020, according to Megawide Chief Financing Officer (CFO) Oliver Tan.
”We have a total of 322 MW projects, which would probably be completed in four to five years time,” Tan told reporters.
Citicore Power is a sister company of Megawide Construction Corporation.
Tan noted Citicore Power has allocated a huge fraction of the total capacity to its solar farms at 250 MW, a 50/50 joint-venture project with Leviste-led Solar Philippines.
He added another 60 MW was earmarked for hydro-projects, located in Luzon, which will start construction by early next year, and will be completed in more or less four years time.
The remaining capacity of 12 MW is set for its biomass project in Visayas, which will also be rolled out early next year, Tan said, noting the biomass project’s construction might last from 14 to 15 months.
Aside from the said three RE types, Tan said Citicore is looking into two wind projects, but stressed it is still at an early stage.
He further said a listing at the Philippine Stock Exchange (PSE) is possible after reaching a sizeable portfolio of RE projects at around 700-800 MWs.
For potential Liquefied Natural Gas (LNG) projects, Tan said “Not in the near future, because gas is for the big boys and we have to grow ourselves,” adding the firm will focus on developing RE projects first. (PNA)