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Primeiro Partners Advises Citicore Power on Project Financing for the Silay and Bataan Solar Plants

Primeiro Finance News
CITICORE Power, a renewable energy (RE) company, expects to be awarded the feed-in-tariff (FIT) incentive for its 18-megawatt (MW) solar power project in Mariveles, Bataan which was inaugurated on Monday.

Citicore said it has submitted all the documentary requirements for FIT eligibility and that the power facility will operate and inject power to the Luzon grid before the FIT deadline, which is on March 15, 2016.

“We are optimistic both our Bataan and Silay solar power plants will be awarded the FIT renewable energy incentive by the government. We have been coordinating non-stop with officials from the Department of Energy, Energy Regulatory Commission, National Grid Corp. of the Philippines and the Philippine Electricity Market Corp,” Citicore Power executive vice-president Manolo Candelaria said.

The unveiling of Citicore Power’s Bataan solar power station comes barely a week after the inauguration of its 25-MW solar facility in Silay, Negros Occidental.

The plant is expected to help avoid 13,000 metric tons of carbon emissions per year – equivalent to planting 600,000 trees over the life of the facility. Project funding was secured through Land Bank of the Philippines with Primeiro Partners as financial consultants.

Located at the Freeport Area of Bataan (FAB) in Barangay Alasasin, Mariveles , the power plant spans 37 hectares and was under project company Next Generation Power Technology Corp. (NGPTC).

The facility is made up of over 68,500 photovoltaic (PV) modules and is expected to power 22,000 homes connected to the Luzon grid. Construction was started in October 2015 by Megawide Construction Corp.

“The almost-simultaneous completion of these two power plants shows that Citicore Power is aggressive and serious in completing its renewable energy portfolio. We are committed to providing energy to the Filipino people with little or no impact to the environment,” Candelaria said.

“Our vision is to become one of Southeast Asia’s leading renewable energy companies by 2020,” he added.

The inauguration of the Bataan solar power plant, the first in the province, was attended by executives of the local government led by Bataan Governor Albert Garcia and Mariveles Mayor Jesse Concepcion, officials of the Authority of the Freeport Area of Bataan (AFAB), Department of Energy representatives, and officers of the National Grid Corporation of the Philippines.

Bataan Province officials and AFAB executives welcomed the new plant, saying the Citicore-led project created almost 300 jobs for residents in the area. “We are very proud to have this facility in our province as it is a testament to what Bataan can offer investors.

We hope that this is the beginning of an influx of the same green investments and the province is proud to partner with companies like Citicore Power,” Governor Garcia said.

Citicore Power is a renewable energy company committed to providing power while reducing greenhouse gas emissions through solar, wind, hydro, and biomass projects across the Philippines.

Date: 29 Feb 2016
Source: The Manila Times

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