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Citicore renews power supply deals with 5 clients

Posted on May 3, 2022

Citicore Renewable Energy Corp., an affiliate of bilyonaryo Ed Saavedra’s Megawide Corp., has renewed power supply contracts with five of its long-time partners for an aggregate capacity 5.1 megawatts.


Bench Tower, Citystate Condominium, Eastfield, Succeed Ventures Asia, and Prince Alumer Development Corp. (Padcor) agreed to extend their agreement with Citicore for another two years.

The renewed power supply deals are under the government’s green energy option program, which allows customers to transition to renewable energy and directly negotiate with their preferred retail electricity suppliers.

“We are grateful for the continued trust and support of our customers in the product we offer and service we provide, allowing us to achieve 100 percent of our target as early as the first quarter of 2022,” said Citicore president and CEO Oliver Tan.

The contracted capacity is 16 percent of the company’s clients whose contracts are expiring this year.

Citicore also inked a new power supply deal with Clear Water Ice Plant, a cold storage facility with 24/7 operations in Mandaue, Cebu.

“We welcome partners from different businesses and industries who are willing and ready to shift to green energy solutions and share with us the goal of achieving a net-zero carbon future,” Tan said.