Levanta Renewables, a portfolio company of UK-based Actis, and Citicore Renewable Energy Corporation (CREC) have announced a partnership to implement four onshore wind projects in the Philippines, with a combined capacity of 375 MW. This agreement marks Levanta's first entry into the Philippine wind market.
The companies will form a joint venture to develop the projects, located on Luzon and Visayas islands. All four sites have secured offtake agreements through the Department of Energy's Green Energy Auction Program (GEAP) in July 2023.
The partnership is subject to customary conditions and is expected to close in the coming months. Levanta, Actis's renewable energy platform for Southeast Asia, aims to achieve 1.5 GW of operating capacity by 2028.
CREC, a developer of solar, hydro, and wind projects in the Philippines, is also the sponsor of the country's first renewable energy REIT, Citicore Energy REIT (CREIT).
