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PRESS RELEASE
Citicore expands customer-base by 250% to industrial users
Posted on February 21, 2022
Citicore Renewable Energy Corporation (CREC) has broadened its customer-base by roughly 250 percent as it industrial and other big-ticket power users under the competitive retail market.
The company said the power supply agreements (PSAs) it has been underwriting are cornered via its subsidiary Citicore Energy Solutions Inc. (CESI), a licensed retail electricity supplier (RES) by the Energy Regulatory Commission (ERC) in the retail competition and open access (RCOA) space of the deregulated power sector and operating permit under the Green Energy Option Program (GEOP) of the government.
CREC indicated its core of power supply clients had steadily increased since 2016. As of end-2021, this had grown 2.5 times, including the two new contracts it recently sealed and will wind up until 2023; and the preference of the new customers are renewable energy sources.
According to the company, one of its new customers, a giant logistics services firm, opted to tap Citicore for its power supply because of the firm’s green energy portfolio. The first agreement with the logistics firm was sealed in November 2021 and that called for the delivery of 0.6-megawatt capacity; while the second contract inked December last year was for the supply of 4.5MW RE capacity.
“This brings to 5.1 megawatts (MW) the total renewable energy delivered to its partner’s facilities, which includes the Tutuban Mall in Manila,” the renewable energy firm emphasized.
Oliver Tan, president and CEO of Citicore Energy REIT Corp (CREIT), “the increasing collaboration with various industry players reflects the growing consciousness to shift to clean and renewable energy among consumers.” CREC is the sponsor-firm of its subsidiary’s REIT listing at the Philippine Stock Exchange.
He added the changing preferences of its customers to clean energy technologies serve as “strong testament to CREC’s capability to provide steady and reliable supply of renewable energy to a diverse set of customers and clients coming from our diverse portfolio, which also provides us with a distinct advantage.”
CREC noted that it has been supplying the power needs of customers from its portfolio of solar generating facilities in Luzon and Visayas grids.
“This integration enables CESI to offer competitive retail electricity prices while committing to the net-zero emission goal of the Citicore group,” the Megawide-affiliated company stressed.
The company’s RE capacity portfolio currently stands at 163 megawatts; but this is targeted for expansion to 1,500 megawatts in the next five years.