RENEWABLE ENERGY company Citicore Power, Inc. (CPI) on Wednesday said it entered into service contracts for five hydro power projects in Luzon.
In a statement, the sister firm of listed Megawide Construction Corp. said the Department of Energy awarded the service contracts to CPI last May for each of its five pumped-storage hydro power projects.
CPI received the contracts — which authorizes a power generation firm to proceed with the pre-development stage of proposed projects — in June.
The company said 2,300-megawatt (MW) hydro power capacity is expected to be generated from the five plants, which will be spread across Southern Luzon.
“Citicore Power saw an opportunity to develop clean energy from renewable sources that will invigorate the country’s energy mix. Through the projects, the company aims to provide an answer to the increasing demand of power in the Philippines,” CPI Executive Vice-President for Commercial and Development Operations Manolo T. Candelaria was quoted as saying.
Aside from hydro power, CPI has an existing 100-MW capacity, which it exports to the national grid, from solar power projects. As of end 2016, CPI runs three large-scale solar farms in Bataan, Negros Occidental and Cebu provinces.
The company aims to install 1,000 MW of capacity using various renewable energy sources, including solar, biomass, wind and hydropower. — I.C.C. Delavin
