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Shell renews Power Supply Agreement with Citicore
Posted on February 15, 2022
Citicore Energy REIT, Inc.’s (CREIT’s) sponsor and major tenant Citicore Renewable Energy Corp. (CREC) recently renewed its power supply agreement with Shell Energy Philippines, Inc. (SEPH) for the supply of clean and renewable energy coming from its portfolio solar power generating plants.
"We are very grateful for this renewed partnership with Shell as we share the same vision of a future powered by clean and renewable energy. This development is a testament to the very high customer satisfaction and excellent service we provide our clients, who continue to trust and believe in us since 2017," said CREIT President and CEO Oliver Tan.
The new partnership is an extension of the short-term Power Supply Agreement (PSA) earlier signed between the two parties and covers several PSAs that will complement SEPH’s supply stream. The renewal is a strong vote of confidence in CREC’s ability to deliver a steady supply of energy, which also supports CREC’s objective of securing long-term offtake agreements with its customers.
“We are happy to have this strengthened partnership with CREC as we provide cleaner energy to our customers,” said President of Shell Energy Philippines Bernd Krukenberg.
CREC currently operates and maintains eight (8) strategically located solar-energy producing assets across the country, generating a combined power of 163MW. The company has an aggressive pipeline of expanding its renewable energy capacity by an additional 1,500 MW over the next five years, which potentially could be infused into CREIT.
Shell Energy, meanwhile, is a retail electricity supplier under the Shell Group offering competitive and cleaner environment-friendly energy solutions to various businesses in the Philippines.
Citicore’s subsidiary Citicore Energy Solutions, Inc. recently renewed its Retail Electricity Supplier’s license from the Energy Regulatory Commission and secured the Green Energy Option Program (GEOP) operating permit from the Department of Energy (DOE) under the agency’s GEOP, ensuring CREC’s viability as a steady and stable supplier of renewable energy products to a wider customer base.