Citicore Renewable Energy Corporation ApprovAed a Joint Venture with SMC Global Light and Power Corp.

On June 28, 2024, the Board of Directors of Citicore Renewable Energy Corporation approved the proposed joint venture with San Miguel Global Light and Power Corp. (SGLP) for the 153.5MW Solar Power Plant project located in Barangay Lucanin, Mariveles, Bataan, subject to the execution of definitive documentation.

Citicore Renewable Energy Corporation (CREC) and SMC Global Light and Power Corp. (SGLP) signed an investment and shareholders agreement in pursuit of its intent to jointly develop, build, and operate a 153.5MW Solar Power Plant project located Barangay Lucanin, Mariveles, Bataan. The Parties shall collaborate and cooperate in the financing, construction, ownership, operation, and maintenance of the Plant through the subscription to a special purpose entity.

CREC and SGLP intend to subscribe to a special purpose entity for the Project following the completion of the conditions precedent.

The transaction will increase CREC’s attributable solar energy capacity in line with its goal of contributing approximately 1.0GW ready-to-build/under construction solar energy capacity a year for the next five years.

CREC will initially own 49% and SGLP will own 51% of its total issued and subscribed capital stock.

Upon reaching the construction phase, CREC shall subscribe to additional shares, resulting in an ownership split of 50% each between CREC and SGLP.

The joint venture will add approximately 76.75MW to the Company’s attributable solar energy capacity.