Levanta, Citicore join forces for 375-MW Philippine wind portfolio

Levanta Renewables, a portfolio company of UK investment firm Actis, and Citicore Renewable Energy Corporation (CREC) have agreed to partner on the implementation of four onshore wind projects in the Philippines with a combined capacity of 375 MW.

Under the agreed partnership, which marks Levanta’s entry into the Philippine wind market, the two companies will set up a joint venture to develop the four schemes on the Luzon and Visayas islands.

All four sites have secured offtake via the Department of Energy’s Green Energy Auction Program (GEAP) in July 2023.

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

Levanta is Actis’s renewable energy platform for Southeast Asia. The company targets an operating capacity of 1.5 GW by 2028.

CREC develops and operates solar, hydro and wind projects in the Philippines. It is the sponsor of the Philippine’s first renewable energy REIT, namely Citicore Energy REIT (CREIT).

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