CITICORE Renewable Energy Co. (CREC) secured a 1-megawatt long-term power supply contract with water management solutions provider JE Hydro and Bio Energy Corp. (JEHBEC).
The deal with CREC’s retail supply arm, Citicore Energy Solutions, Inc., was signed under the government’s Green Energy Option Program which allows end users to source their electricity needs from preferred renewable energy sources.
“Our shared vision in delivering more sustainable basic utilities to the Filipino people will help empower more communities and address the gaps in the water and energy supply situation across the country,” said Citicore Energy REIT Corp.’s (CREIT) President and Chief Executive Officer Oliver Y. Tan.
CREIT is a listed company whose market listing was sponsored by CREC.
Through the contract, CREC was assigned by JEHBEC to supply its power needs as the bulk water provider of Metropolitan Cebu Water District.
The power requirement will be supplied by CREC’s Solar Toledo, which is said to be the largest solar plant in the Visayas located in Toledo City, Cebu and one of the 10 solar facilities operated by CREC.
“From the design stage of our facilities, we already integrate resource conservation and environmental stewardship in developing studies and solutions for sustainable water systems. We further ensure our sustainability efforts by incorporating RE in our operations,” JEHBEC Chairman Joffrey E. Hapitan said.
Mr. Tan said that CREC’s continued expansion and diversification of its customer base is consistent with its long-term plan to increase renewable energy usage in the country and its goal of a net zero carbon future.
The company plans to grow its current capacity by five times to 1.5 gigawatts in the next five years through a steady pipeline of renewable energy sources available for offtake agreements with existing and new customers.
“CREC’s larger capacity and wider customer base will also augur well for CREIT, as most of these assets are programmed to be infused into the REIT [company] in the next five years, supporting a sustainable and growing revenue base,” added Mr. Tan.
At the stock market on Wednesday, CREIT’s shares increased by P0.01 or 0.42% to close at P2.38 apiece. — Justine Irish D. Tabile