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Citicore Renewable Energy Corp. said Monday its board approved the proposed joint venture with San Miguel Global Light and Power Corp. for the 153.5-megawatt solar power project in Barangay Lucanin, Mariveles, Bataan.
It said the parties should collaborate and cooperate in the financing, construction, ownership, operation and maintenance of the plant through the subscription to a special purpose entity. CREC said that upon reaching the construction phase, it would subscribe to additional shares, resulting in an ownership split of 50 percent each between CREC and SGLP.
CREC said the transaction would increase the company’s attributable solar energy capacity in line with its goal of contributing 1 gigawatt of ready-to-build/under construction solar energy capacity a year for the next five years
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