CITICORE Renewable Energy Corp. (CREC) may delay its planned acquisition of a run-of-river hydropower project in Isabela, which is currently managed by its parent company, until 2025, chief executive officer said.
“We’re still exploring whether to proceed with folding it in now or waiting until the project is up and running,” CREC President and Chief Executive Officer Oliver Tan said in an interview last week.
“Currently, it’s with Citicore Power. We intend to integrate it into CREC, but due to some document issues, the acquisition might be delayed,” he added.
Mr. Tan said that the company is still awaiting the transfer of certain permits.
“The acquisition may be pushed back to next year,” he said.
Citicore Hydro Isabela, Inc., a subsidiary of CREC, is constructing a run-of-river power plant with a capacity of up to 25.7 megawatts. The project is expected to be completed by the second half of 2026.
Mr. Tan said that the delay in the acquisition will not impact CREC, as it was not included in the valuation during its initial public offering.
The company is currently working on eight projects worth approximately one gigawatt (GW) and is on track to reach its goal of five GW of capacity by 2028.
CREC, both directly and through its subsidiaries and joint ventures, manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply services. — Sheldeen Joy Talavera
