RENEWABLE energy (RE) firm Citicore Power, Inc. said over the weekend that it will be supplying up to 20 megawatts (MW) of solar power to Shell Energy Philippines, Inc. through its Bataan-based facility.
Shell Energy is a retail electricity supplier under the Shell Group.
“Citicore Solar Bataan, Inc. (CSBI) will supply Shell [Energy] with RE through its solar plant located in Mariveles, Bataan,” Citicore Power said in a press release issued on Saturday.
CSBI is one of the company’s eight solar facilities across the country with a total capacity of 163 MW.
Citicore Power President and Chief Executive Officer Oliver Y. Tan said that his firm and Shell Energy share a mission to provide clean and sustainable energy to meet the requirements of consumers.
“With this collaboration, we are looking forward to accelerate and expand the country’s shift to and utilization of RE,” he said.
Citicore Power plans to build its RE portfolio by five-fold over the next five years to help more customers reach net-zero emissions. To date, the company’s solar portfolio has generated around 1.08-billion kilowatt-hours of energy, translating in 763,200 metric tons of reduced carbon emissions.
Last month, Citicore Power’s retail supply arm Citicore Energy Solutions, Inc. secured an operating permit from the Department of Energy to participate in the green energy option program.
The program is a voluntary policy mechanism that allows users consuming at least 100 kilowatts of power to source their supply from eligible retail energy suppliers generating electricity from renewables.
In March, Mr. Tan said that Citicore Power had allocated P4 billion in capital expenditures for solar and hydro projects.
He added that the company hopes to tap into capital markets for what could be the country’s “first power REIT offering,” referring to a real estate investment trust or an entity with different types of assets bringing steady earnings to investors.
Citicore Power is a wholly owned subsidiary of Citicore Holdings, Inc. Its affiliates include Megawide Construction Corp. and GMR-Megawide Cebu Airport Corp, the airport operations vehicle of Citicore Holdings. — Angelica Y. Yang
