Your source for the latest news and stories from Citicore Power Inc. and its subsidiaries.
Citicore supplying RE to Toyota Cebu franchisee
Posted on March 21, 2022
Citicore Renewable Energy Corporation (CREC), will be supplying renewable energy (RE) to a franchisee of Toyota Motor Philippines in Cebu – the RE company’s first deal with the automotive industry.
Citicore Energy Solutions Inc. (CESI), CREC’s retail electricity supplier (RES), will supply RE to one of Toyota’s franchisees in the province for two years. Power supply will be coming from CREC’s solar plants. The deal is under the government’s Green Energy Option Program (GEOP). CESI is an accredited RES under the program.
No mention of the particular franchisee was made. Toyota has six dealerships in Cebu.
“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,” CREIT President and CEO Oliver Tan said in a statement.
CESI recently announced that it has expanded its customer base by over twice. CREC itself, meanwhile, had said it will be investing around Php70 billion to develop 1,500 megawatts of RE projects in the next five years.
Launched in 2018, the GEOP was established in accordance with Section 9 of Republic Act 9513 or the RE Act of 2008. Under this voluntary mechanism, contestable customers that consume an average of 100 kilowatts monthly can source its power supply from qualified RE-based RESs like CESI.