MANILA -- Newly-listed Citicore Renewable Energy Corporation (CREC) is forming a joint venture with San Miguel Global Light & Power Corporation (SGLP) for a 153.3-mgawatt (MW) solar power project in Mariveles, Bataan.

Citicore Renewable Energy Corp. lists on the Philippine Stock Exchange

CREC will initially own 49 percent, while SGLP will own 51 percent of its total issued and subscribed capital stock.

But 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 Edgar Saavedra-led firm said this will increase its attributable solar energy capacity, in line with its goal of contributing approximately 1 gigawatt of ready-to-build and under construction solar energy capacity a year for the next 5 years. 

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