47960
Jul 14, 2023
Philippines
East Asia and the Pacific
Jul 22, 2023
Infrastructure
Solar - Renewable Energy Generation
CN4UA - Regional Industry - INF Asia & Pac/INR Asia Upstream & Advisory
IFC and Citicore Solar Energy Corporation Inc. (“Citicore”) have signed a collaboration agreement for the development of a solar photovoltaic power plant of approximately 172MW coupled with a battery energy storage system (“BESS”) of approximately 165MWh in the Republic of Philippines, located in Bolbok, in the province of Batangas (“the Project”). This hybrid solar and BESS power plant is intended to serve the energy demand needs of the local Luzon distribution utilities and customers. The Collaboration Activities will cover legal and regulatory analysis, techno-commercial review, Environmental and Social Impact Assessment (“ESIA”) and Resettlement Action Plan (RAP) review.
The ESIA and RAP for the Project will be undertaken by Citicore to meet applicable national Environmental and Social (“E&S”) laws and IFC Performance Standards (“IFC PS”) such that the Project is designed, constructed, and operated in compliance with IFC PS and other relevant and applicable E&S requirements. IFC, as potential investor in the Project, will review the ESIA and RAP prepared by Citicore and provide recommendations for appropriate mitigation measures, wherever warranted.