On Wednesday, CITICORE Renewable Energy Corp. (CREC) announced that they had entered into an agreement with Clark Electric Distribution Corp. (CEDC) to provide 7.5 megawatts (MW) of electricity.
According to a press statement, CREC announced that they have reached a power supply deal with CEDC through their subsidiary Cogent Energy, which will obtain energy from their solar power facilities in Tarlac City.
The agreement will remain in effect until December 2024, or upon the commencement of CREC’s Bato Solar Power Plant in Palauig, Zambales.
After the solar power plant is up and running, the partnership will convert to a 10-year agreement for supplying 30 MW of electricity to CEDC LRES.
“Citicore’s collaboration with CEDC, along with others, is a further demonstration of our company’s dedication to aiding the government in reaching their renewable energy goals,” stated Manolo T. Candelaria, Executive Vice-President of CREC.
“We are thrilled and grateful to welcome CEDC as a long-term partner on our expanding roster,” he expressed, while expressing gratitude to CEDC for placing trust in the Citicore group.
The Manager of Cogent Energy, Erickson Montes, stated that the collaboration will aid the government in reaching its target of having renewable energy make up 35% of the country’s energy blend by 2030 and 50% by 2040.
He stated that the retail energy supplier will assist in achieving the Department of Energy’s goals by teaming up with Citicore, a reputable renewable energy provider in the Philippines.
The individual also mentioned that the lasting collaboration would assist the company in achieving its goal of becoming the top provider of renewable energy, not just in the Clark Freeport Zone but also in Central and Northern Luzon.
According to Oliver Y. Tan, CREC’s President and CEO, the company plans to hold an IPO in the coming year and is currently preparing the required registration statement.
Mr. Tan announced that CREC currently has a capacity of 284 MW and is preparing to launch 1,000 MW of fresh solar projects by 2024. This will increase the total installed capacity to 1.3 gigawatts. – Sheldeen Joy Talavera