CITICORE Renewable Energy Corp. (CREC) has allocated a capital expenditure (capex) budget of more than $1 billion (around P56 billion) for this year, with the majority of the funds earmarked for its first gigawatt (GW) of solar power projects, its president said.

CITICORE ENERGY REIT Corp. (CREIT), the country’s first renewable energy real estate investment trust (REIT), is looking to pursue a fundraising initiative next year to finance new property acquisitions, its president said.

MANILA, Philippines — The Asian Development Bank (ADB) expects the government’s geothermal de-risking facility to unlock fresh investments that could boost the Philippines’ standing on the global stage.

THE Energy Regulatory Commission (ERC) has asked 22 generation companies (GenCos) to explain the “continued or frequent derating of their power facilities and units.”

LISTED Basic Energy Corp. is set to begin processing the necessary permits for its proposed solar power project in Bolinao, Pangasinan, after securing a certificate from the government.

GEOTHERMAL POWER PRODUCER Energy Development Corp. (EDC) plans to invest up to P30 billion to drill 40 new wells through 2026, its president said.

The Independent Electricity Market Operator of the Philippines, Inc. (IEMOP), operator of the Wholesale Electricity Spot Market (WESM), is asking provisional approval from the Energy Regulatory Commission to recover from consumers additional market fees of P1 billion for the IEMOP Electricity Market Management System (IEMMS).

Negros Electric and Power Corp. (Negros Power), the joint venture between Razon-owned Primelectric Holdings Inc. (PHI) and Central Negros Electric Cooperative, has completed the rehabilitation of two major infrastructure projects that are critical to the improvement of power distribution service in Central Negros.

The Philippines’ proposed $250-million Geothermal De-risking Facility, a partnership with the Asian Development Bank (ADB) and the Land Bank of the Philippines, has sparked investor interest in the country’s stagnant, high-risk geothermal industry.

Vantage Energy, the retail electricity supply affiliate of Manuel Pangilinan-led Manila Electric Company (Meralco), renewed its partnership with Bounty Plus Inc., ensuring continued power supply to the latter’s facilities across Luzon.