Citicore Renewable Selects Levanta as Partner for its Maiden Wind Investments in the Philippines

Citicore Renewable Energy Corporation (CREC), through its 100% owned subsidiary and wind generation platform Citicore Wind Energy Corporation (CWEC), is partnering with Levanta Renewables (Levanta), a leading Southeast Asia-focused renewable energy platform backed by Actis, on the development of an onshore wind portfolio in the Philippines. Under the terms of the agreements signed 18 October 2024, Levanta and CREC will establish a joint venture company that will drive the development of CREC’s onshore wind projects.

This strategic partnership will cover the development, financing, construction, and operations and maintenance of Citicore’s 4 onshore wind projects located in Luzon and Visayas, all of which secured offtake via the Department of Energy’s Green Energy Auction Program (GEAP) in July 2023 and total 375 megawatts.

“We are entering the next phase of CREC’s journey to power a brighter future for the Philippines with the start of our first four onshore wind projects, and there is no better partner to take this step with than Levanta. They bring decades of extensive technical and operational experience to this partnership and to our onshore wind industry.” Oliver Tan, President of CREC.

“We are delighted to partner with CREC on the development of onshore wind projects in the Philippines. This partnership marks Levanta’s entry into the Philippines wind market, serving as a key step towards its goal of achieving 1.5 GW of operating capacity across Southeast Asia by 2028. We intend to leverage our partnership with CREC to pursue more utility scale renewable energy projects in the Philippines.” Sudhir Nunes, CEO of Levanta.

The partnership is subject to and conditional upon certain customary conditions and is expected to close in the next few months.

CREC has a diversified project portfolio comprising of solar, hydro and wind energy, with its wind pipeline targeting 3 GW of operating generation capacity over the medium and long term to complement its 5 GW of solar energy in five years, or until 2028.

Citicore Renewable Energy Corporation (CREC) is a leading pure-play renewable energy company committed to the development and operation of solar, hydro and wind projects in the Philippines. CREC, directly and through its subsidiaries and joint venture, manages a diversified portfolio of renewable energy generation projects, engages in power project development operations, and participates in retail electricity supply. CREC is also the sponsor of the Philippine’s first renewable energy REIT, Citicore Energy REIT (CREIT).

Levanta Renewables is a leading renewable energy platform in Southeast Asia, backed by Actis. Levanta is led by a professional team with a proven track record of delivering high-quality projects. Committed to providing innovative solar and wind solutions, Levanta is headquartered in Singapore and operates across the Philippines, Vietnam, Thailand, Malaysia and Indonesia.

Levanta oversees projects across all stages from development and financing to construction, operations and maintenance. As Actis’s renewable energy platform for Southeast Asia, Levanta Renewables is poised to achieve an operating capacity of 1.5 GW by 2028, reinforcing its dedication to sustainability and clean energy advancement in the region.

Actis is a leading global investor in sustainable infrastructure, delivering competitive returns for institutional investors and measurable positive impact for the countries, cities and communities in which it operates. Actis invests in structural themes that support long-term, equitable growth in defensive, critical infrastructure across energy transition, digitalization transition, and supply chain transformation.

The firm’s decades of global experience, operational know-how and strong culture allows it to create global sustainability leaders at scale. Since inception, Actis has raised $25 billion to invest in a better tomorrow. Actis is a signatory to the United Nations backed Principles for Responsible Investment (UNPRI), an investor initiative developed by the UNEP FI.