Your source for the latest news and stories from Citicore Power Inc. and its subsidiaries.
Toyota dealer taps RE from CREC
Posted on March 20, 2022
The retail electricity supplier (RES) unit of Citicore Renewable Energy Corp. (CREC) was tapped to supply power to a franchisee of Toyota Motors in Cebu.
Citicore Energy Solutions Inc. (CESI) will source power from its solar plants to provide electricity to its latest customer for two years.
“The pace at which renewable energy [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,” said Citicore Energy REIT Corp. (CREIT) President and CEO Oliver Tan.
CREIT, the first renewable energy-themed real estate investment trust to list in the stock exchange, accelerates its customer diversification as it adds the automotive industry among its growing pool of renewable energy end-users.
CREC’s growing local and international customer base includes partners from the industrial sector, such as Shell Energy; export processing zones, Authority of the Freeport Area of Bataan; commercial establishment; and logistics companies.
Tan said the company’s entry into the automotive industry is another testament to CREC’s capability to deliver a reliable supply of energy to any area and business.
“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 Citicore is open to exploring possible opportunities with other RE players that offer synergies with its planned pipeline to increase its capacity to 1.5 gigawatts by 2025.
CREC, it said, continuously 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.