CREC, SMC join froces for 153.5MW Solar in Bataan

CREC, SMC join froces for 153.5MW Solar in Bataan
SunStar Business

CITICORE Renewable Energy Corp. (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 153.5 megawatts Solar Power Plant project located in Barangay Lucanin, Mariveles, Bataan. The companies collaborate and cooperate in the financing, construction, ownership, operation and maintenance of the plant through the subscription to a special purpose entity, where CREC will initially own 49 percent and SGLP will own 51 percent 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 percent each between CREC and SGLP. The transaction will increase CREC’s attributable solar energy capacity in line with its goal of contributing approximately 1.0GW of ready-to-build/under-construction solar energy capacity a year for the next five years. / PR

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