Pampanga solar project starts construction in March
Subsidiaries of Citicore Power Inc. and Ayala Corp. are poised to commence the construction of their 50-megawatt solar power project in Arayat and Mexico towns in Pampanga province in March, according to the companies.
“Citicore will soon break ground its Arayat-Mexico solar power plant project, in partnership with AC Energy (Corp.), as indication of the start of construction in the province of Pampanga,” Citicore said in a statement.
Set to begin operations in November, the project will have a capacity of 50 megawatts.
According to a Manila Times report, the Ayala-led AC Energy and its unit ACE Endeavor inked a shareholders’ agreement with Citicore Solar Energy Corp. (CSEC) early this month.
“Under the accord, CSEC will have 50 percent of the shares in Greencore Power Solutions 3, Inc. — the special purpose vehicle of the solar facility — while AC Energy and ACE Endeavor will own 45 percent and 5 percent interest, respectively,” the report said.
The Times report added that AC Energy will lend P2.7 billion to Greencore to finance the design, engineering, financing, construction, procurement and supply, manufacturing, commissioning, start-up, testing, delivery, ownership, operation and maintenance of the solar plant.
Citicore also announced that the Securities and Exchange Commission approved the change in the corporate name of entities that operate its eight solar plants.
These are now renamed as Citicore Solar Bulacan, Citicore Solar Clark, Citicore Solar Cebu, Citicore Solar Bataan, Citicore Solar South Cotabato, Citicore Solar Tarlac 1, Citicore Solar Tarlac 2, and Citicore Solar Negros Occidental.
Citicore owns and operates eight solar farms in the country.
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