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PRESS RELEASE
Citicore expands niche market into automotive industry
Posted on March 19, 2022
Citicore Renewable Energy Corporation (CREC), Citicore Energy REIT‘s sponsor, accelerates its customer diversification as it adds the automotive industry among its growing pool of renewable energy end-users.
In an agreement signed, CREC – through its retail electricity supplier (RES) arm, Citicore Energy Solutions Inc. (CESI) – will supply renewable energy initially for a period of two (2) years to a franchisee of Toyota Motors in Cebu, using mostly solar energy generated from CREC’s solar plants.
“The pace at which renewable energy (RE) becomes so relevant among industry leaders and big energy consumers provides an excellent growth opportunity for the entire Citicore organization. Being one of the highly-integrated RE players in the country, we are in a unique position to take advantage of this surge, which we believe we are making significant inroads into,” said CREIT President and CEO Oliver Tan.
CREC’s growing local and international customer base includes partners from the industrial sector (Shell Energy), export processing zones (Authority of the Freeport Area of Bataan), commercial establishments, and logistics companies, among others. This entry into the automotive industry is another testament to CREC’s capability to deliver a reliable supply of energy to any area and business, while being more always available and accessible to its potential customers.
“This vote of confidence associated with a top global brand establishes CREC’s services as world-class and globally-accepted. As the sponsor of the country’s first renewable energy-themed REIT, it also lends legitimacy to CREIT as an attractive and sound investment alternative. We are very confident that this renewable energy shift will support CREC’s long-term sustainable growth as well as CREIT’s shareholder value creation,” Tan added.
In a recent interview with ANC, Tan also underscored that Citicore is open to explore possible opportunities with other RE players aligned with and that offer synergies with its planned pipeline to build up an additional 1.5GW capacity by 2025.
CREC continuously welcomes more partners across several industries and nationalities to accelerate the country’s green energy supply through various renewable technologies, such as solar farms and run-of-river hydro projects