Megawide Construction Corporation has announced the acquisition of Philippine local energy firm Citicore Power.
The acquired company currently operated three solar power projects located in the provinces of Bataan, Negros Occidental and Cebu. Additionally, the energy firm has plans to produce about 1000 MW of energy trough renewable energy sources including solar, biomass, wind and hydropower.
Megawide is acquiring the local company from Citicore Holdings Investment, which is also a major shareholder of Megawide. Transaction close is subject to a Fair Valuation Report.
The acquisition is in line with the company’s five-year diversification plan, which aims to transform the company from a construction and engineering firm into a fully diversified infrastructure conglomerate.