Renewable energy producer Citicore Power Inc. said it acquired five solar power plants with 59.9 megawatts of capacity from Armstrong Asset Management Pte Ltd. and its local partners.
CPI president Oliver Tan said in a statement released over the weekend the deal was in line with the company’s target to expand its power portfolio to 1,000 MW of clean energy from a diversified mix of RE sources.
“We are very excited about this acquisition as it strengthens our position in building a nation powered by clean renewable energy. At an aggregate capacity of 163 MW, we can be considered as one of the largest solar power generation companies in the country, and we are looking forward to cater to the growing needs of the market for a competitively-priced, reliable, and sustainable energy,” Tan said.
CPI currently operates three solar facilities across the country with an aggregate capacity of 103 MW.
CPI and Armstrong signed the share purchase agreement on May 17. CPI is subsidiary of Citicore Holdings Investment Inc., while Armstrong is an independent clean energy asset manager that has a portfolio of clean energy infrastructure assets.
“This acquisition is attuned to the goals and foundation of CPI in the business of fostering the development of innovative renewable energy projects that would give back to both the community and the environment,” Tan said.