Citicore, Actis-backed Levanta set up Philippine wind partnership

Philippine-based Citicore Renewable Energy Corporation (CREC) has joined forces with Levanta Renewables, a platform backed by UK-based investment firm Actis, to develop onshore wind projects in the Philippines.

The target project will be developed through a joint venture (JV) between Levanta and CREC’s unit Citicore Wind Energy Corporation (CWEC), CREC said on Monday. Specifically, the partners will focus on the development, financing, construction, and operations and maintenance of CREC’s four onshore wind projects in Luzon and Visayas, which have a combined capacity of 375 MW. All of these schemes have secured off-take agreements after being successful in the Department of Energy’s Green Energy Auction Programme (GEAP) in July 2023.

“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,” said Sudhir Nunes, CEO of Levanta. He added that the company will use the collaboration with CREC to pursue more utility-scale renewable energy projects in the Philippines.

The JV partnership depends on the closing of certain customary conditions and is expected to be finalised in the next few months.

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