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Citicore obtains three-year Clark power contract

Posted on February 25, 2022

Said Friday it signed a new three-year power supply agreement with Cogent Energy, the local retail electricity supplier unit of Clark Electric Distribution Corp.

Cogent tapped CREC, parent company of the country’s first energy-focused REIT, Citicore Energy REIT Corp., as a renewable energy partner to ensure a stable and reliable energy supply to the Luzon grid, especially within Clark and other areas in Pampanga.


The PSA started as a short-term contract, which extended to a longer maturity with an expanded scope, from an initial volume of 2 megawatts to 5 MW based on the renewed terms.


“With a growing interest among consumers in renewable energy, Citicore’s end-to-end value chain and vertical integration allows us to operate more efficiently and provide more flexibility that work better with clients,” said CREC president and chief executive Oliver Tan.


“We were among the early birds in the solar power business and for the past six years, we were able to sharpen our expertise of developing greenfield projects, from design, procurement, construction, up to plant operation and maintenance of solar power plants,” said Tan.


CEDC is a private electric power distribution utility granted by the Clark Freeport Zone a franchise to own, operate and maintain a power distribution system exclusively within the Clark Special Economic Zone.


CREC’s presence in and collaboration with Clark Freeport Zone extends beyond the supply agreement, as the latter hosts Citicore Solar Clark, a solar power generation company wholly-owned by CREC.


CREC said the deal not only expands coverage and improves access to renewable energy but also helps address the growing demand in Luzon through more efficient and cleaner energy sources.


CREC said it continues to earn the trust and confidence of many commercial and industrial establishments.


The company recently signed RE deals to supply green energy to businesses in Manila and Laguna, while extending its agreement with Shell Philippines.


The company said these milestones are strong testaments to the very high customer satisfaction and excellent services Citicore provides its partners.


The company’s robust pipeline of building 1,500 MW of solar energy capacity can make CREC among the country’s largest in the next two years.


“Together with this build-up, we are also scaling up our AgroSolar farm operations by offering a wide range of employment and livelihood opportunities to our farmer communities. In so doing, we hope to integrate modernization and inclusivity across areas with strong infrastructure developments and an abundant agriculture sector,” Tan said.