Citicore Renewable Energy Corporation (CREC) has shared new details about its plans to build more wind energy in the Philippines. In an official filing, the company said that its wind unit, Citicore Wind Energy Corporation, will set up an 80-megawatt wind power project in Pangasinan. The wind project will be carried out by Citicore Wind Pangasinan 2 Inc., a direct subsidiary of the wind unit. According to the announcement, the wind farm will cost about $170.48 million, or roughly PHP 9.6 billion. It is planned to be ready by the first quarter of 2028. CREC has been adding new renewable…
Author: Lakshita Kapoor
Electric Power Development Co., Ltd. (J-POWER) and Nittetsu Mining Co., Ltd. have started a new company to study geothermal power. The new company is called Shiramizugoe Geothermal Co., Ltd. It is based in Kirishima City, Kagoshima Prefecture in Japan. Nittetsu Mining owns 51 percent and J-POWER owns 49 percent. They plan to use about $139,000 (20 million yen) for the first phase. The two companies will do new studies in the Shiramizugoe area. They want to see if it is possible to build a geothermal power plant there. If they build it, the plant could produce about 15,000 kilowatts. Nittetsu…
Electric Power Development Co., Ltd., known as J-POWER, has joined Spain’s ESTEYCO SA in testing new floating offshore wind technology. The project is called WHEEL. It will take place off the coast of Gran Canaria. J-POWER announced this in an official statement. The demonstration will use one floating wind turbine. It will have a capacity of 6,170 kilowatts. ESTEYCO developed the floating base called WHEEL. The aim is to test how the foundation works in real sea conditions. J-POWER said this project will help them learn more about building, assembling, placing, and running floating offshore wind power. This experience could…
Japanese retailer Ryohin Keikaku, the company behind the Muji brand, will partner with energy company JERA to launch a new solar power business. The two companies plan to establish a joint venture called Muji Energy LLC in September 2025. Muji Energy will focus on developing solar power projects in Japan. The first goal is to reach a generation capacity of about 13 megawatts (MW) within the first year of its operation. Ryohin Keikaku will own 80% of Muji Energy. JERA will hold the remaining 20%. JERA Cross, a JERA subsidiary, will collect the electricity and related environmental value from the…
The World Bank has approved $101 million for Kyrgyzstan. This is for a program called the First Sustainable and Inclusive Growth Development Policy Operation. The funding will support reforms in three main areas. These are the energy sector, social services, and the economy. The money comes from the International Development Association. This is the World Bank’s lending branch for low-income countries. The package includes two parts, $68 million as zero-interest credit with 50 years to repay, and $33 million as a loan with a 12-year repayment period and a 6-year grace period. In the energy sector, the funds will be…
Rizal Green Energy Corporation (RGEC) has secured a loan to support a solar power project in the Philippines. The project will be located in the province of Nueva Ecija. The loan totals PHP 498 million. It was arranged through RGEC’s subsidiary, San Jose Green Energy Corporation (SJGEC). The financing comes from Rizal Commercial Banking Corporation. This was announced by PetroGreen Energy Corporation, one of the joint owners of RGEC. The other owner is Japan’s Taisei Corporation. The project will build a solar photovoltaic (PV) plant with a total installed capacity of 19.6 megawatts direct current (MWdc). The solar park is…
Korean firms, HD Hyundai Heavy Industries (HHI) and HD Korea Shipbuilding & Offshore Engineering (HD KSOE) have received an Approval in Principle (AIP) from the American Bureau of Shipping (ABS) for a new energy project. The plan involves a floating power module that uses small modular nuclear reactor (SMR) technology. The floating unit is designed to generate electricity at sea or near shore. Its intended purpose is to support port operations and nearby communities that need steady power. ABS confirmed that floating nuclear energy systems can help power microgrids, port machinery, industrial facilities, and even data centers. According to ABS,…
Citicore Renewable Energy Corporation (CREC) from the Philippines has agreed to a $120 million deal with Pertamina New & Renewable Energy (Pertamina NRE) from Indonesia. Under the agreement, Pertamina NRE now owns 20% of CREC. This is Pertamina NRE’s first investment in a renewable energy company in the Philippines. The two companies also agreed to work together on new renewable energy projects in Indonesia. These will focus on solar and wind power. They may also explore joint efforts in carbon credits. CREC operates 287 megawatts (MW) of solar power across the Philippines. It has plans to grow its total renewable…
Between 2018 and 2023, Vietnam added over 21,000 megawatts (MW) of solar and wind capacity. This increase was supported by feed-in tariffs (FiTs) and brought in both local and joint venture investments. Nearly 58% of the funding came from domestic sources. Vietnam became the largest solar power producer in Southeast Asia during this period. Electricity costs for the utility Vietnam Electricity (EVN) also increased. Power purchase payments went from $4.5 billion in 2018 to $11.5 billion in 2023. EVN’s revenue did not grow as fast. The utility reported over $1 billion in losses in 2023. Electricity retail prices remained regulated…
A large solar project is being built in Saudi Arabia backed by a bank in Korea. It will produce 2,000 megawatts (MW) of electricity. The project is in the Sadawi region, about 523 kilometers north of Riyadh. The Export-Import Bank of Korea has agreed to finance $225 million for the project. The plant is being developed by a group of companies. This group is led by Masdar, a company based in the UAE. Other partners include Korea Electric Power Corporation (KEPCO) and China’s GD Power. The solar power station will use around 3.7 million solar panels. These will cover an…