CITICORE Renewable Energy Corp. (CREC) said on Wednesday that it had forged a contract with Clark Electric Distribution Corp. (CEDC) to supply the latter with 7.5 megawatts (MW) of power.
In a media release, CREC said the power supply agreement with CEDC is through its local retail electricity supplier (LRES) arm Cogent Energy, which will source energy supply from the company’s solar power plants in Tarlac City.
The contract is effective until December 2024, or upon commercial operations of CREC’s upcoming Bato Solar Power Plant in Palauig, Zambales, it said.
The partnership will transition into a 10-year power supply contract once the solar power plant is operational to provide 30 MW of CEDC LRES’ electricity needs.
“Our partnership with CEDC, among others, is another step in Citicore’s continued commitment to support the government in their renewable energy transition target,” said CREC Executive Vice-President Manolo T. Candelaria.
“We’re very excited and honored to have CEDC join our growing list of long-term partners,” he said, as he thanked CEDC for trusting the Citicore group.
Cogent Energy Officer-in-Charge Manager Erickson Montes said the partnership would help the government achieve its goal of increasing renewable energy share in the country’s energy mix to 35% by 2030 and 50% by 2040.
He said the retail energy supplier would help make the Department of Energy’s aspiration happen “through our partnership with Citicore, a well-known renewable energy supplier in the Philippines.”
He also said that the long-term partnership would help the company reach its “dream of being the best renewable energy supplier” not only in the Clark Freeport Zone but also in Central and Northern Luzon.
CREC President and Chief Executive Officer Oliver Y. Tan has said that the company is targeting to conduct an initial public offering next year and is preparing the necessary registration statement.
With CREC’s current installed capacity of 284 MW, Mr. Tan said the company is planning to roll out a total of 1,000 MW of new solar projects that will come online before the end of 2024 to bring its total installed capacity to 1.3 gigawatts. — Sheldeen Joy Talavera
