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Citicore Renewable eyes more industries to add to list of customers
Posted on March 21, 2022
MANILA, Philippines — Citicore Renewable Energy Corp. (CREC) eyes more industries and nationalities to add to its growing pool of renewable energy (RE) end-users after securing a contract from Toyota Motors Cebu.
In a statement, CREC said it 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.
This, after the company, through its retail electricity supplier (RES) arm Citicore Energy Solutions Inc. (CESI), signed an agreement with a franchisee of Toyota Motors in Cebu to supply RE capacity for two years.
The RE supply will be solar energy generated from CREC’s solar plants.
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.
The company said its entry into the automotive industry is another testament to its capability to deliver supply of energy to any area and business.
“The pace at which 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,” CREC president and CEO Oliver Tan said.
CREC said the vote of confidence associated with a top global brand establishes CREC’s services as world-class and globally accepted, which will also extend to Citicore Energy REIT Corp. (CREIT).
“As the sponsor of the country’s first renewable energy- themed real estate investment trust (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 said.
CREC currently operates eight solar plants across the country with an aggregate installed capacity of 163 megawatts (MW), all of which are 100 percent contracted.
Tan said CREC 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 1.5 gigawatts capacity by 2025.