Levanta is a leading Southeast Asia-focused renewable energy platform backed by Actis, which recently announced a $600-million investment in Manila Electric Co.’s Terra Solar project, aiming to build the world’s largest solar and battery storage project.
Actis acquired a majority stake in Levanta Renewables in August 2022, marking its first energy investment in Vietnam. Levanta plans to expand its 300-megawatt wind projects to a 1.5-gigawatt renewable platform across Southeast Asia.
Joint venture
The deal with Levanta, signed on Oct. 18, 2024, forms a joint venture to advance CREC’s wind projects.
The partnership will oversee the development, financing, construction, and maintenance of four onshore wind projects in Luzon and Visayas, totaling 375 megawatts, secured through the Green Energy Auction Program in July 2023.
Completion of the deal is pending customary conditions and is expected soon.
This will help Citicore reach its goal of 3 GW of wind capacity, complementing its 5-GW solar target by 2028.
the Philippines,” he added.
2nd UK-based investment for CREC
The entry of Actis is the second time for a United Kingdom-based entity to invest in CREC's clean power push.
The company also received a $12.5 million investment from United Kingdom government’s MOBILIST program, its first in the country, during CREC's initial public offering in June this year.
Management’s view
“We are entering the next phase of CREC’s journey to power a brighter future for the Philippines with the start of our first four onshore wind projects, and there is no better partner to take this step with than Levanta,” said Oliver Tan, president of CREC, in a stock exchange filing.
“They bring decades of extensive technical and operational experience to this partnership and to our onshore wind industry,” he added.
Levanta enters the Philippines’ wind market
“We are delighted to partner with CREC on the development of onshore wind projects in the Philippines,” said Sudhir Nunes, CEO of Levanta.
“This partnership marks Levanta’s entry into the Philippines wind market, serving as a key step towards its goal of achieving 1.5 GW of operating capacity across Southeast Asia by 2028. We intend to leverage our partnership with CREC to pursue more utility-scale renewable energy projects in
