Citicore, First Gen secure new power deals

FGEN Citicore

Citicore Energy Solutions Inc. (CESI), the retail arm of Citicore Renewable Energy Corporation (CREC), has renewed five of its power supply contracts with its clients that are all expiring this year. 

The company renewed its contracts for another two years with Bench Tower (through Ground18 Realty), Citystate Condominium, Eastfield, Succeed Ventures Asia, and Prince Alumer Development Corporation, which have contracts totalling 5.1 megawatts.

CREC President and CEO Oliver Tan said that the company is grateful for the trust and support of its customers, allowing the company to achieve 100% of its target as early as the first quarter of 2022. 

The renewed contracts are under the government’s Retail Competition and Open Access (RCOA) program, where contestable customers within the prescribed threshold of 500 kilowatts (kW) and up can directly negotiate for pricing and volume and sign contracts with preferred retail electricity suppliers (RES).

CESI has also sealed new power supply contracts with Clear Water Ice Plant – a cold storage facility with 24/7 operations in Mandaue City, Cebu – which will source its energy from Citicore Solar Cebu’s solar farm in Toledo City.

Tan said that Citicore welcomes partners from different industries who are willing to shift to green energy solutions and share the goal of achieving a net-zero carbon future. 

CREC earlier sealed a power supply agreement with a franchisee of Toyota Motors Philippines, also in Cebu, this time under the Green Energy Option Program (GEOP).

Launched in 2018, the GEOP was established in accordance with Section 9 of Republic Act 9513 or the Renewable Energy (RE) Act of 2008. It acts as a voluntary mechanism that allows contestable consumers to source their power supply from qualified RESs that source electricity from RE. 

Meanwhile, First Gen Corporation RES First Gen Energy Solutions (FGES) signed a power supply deal with the Chioson Group of Companies to supply an additional 600MW in RE supply to subsidiary Puresteel Manufacturing Corporation for its facilities, also in Mandaue City. The power will be sourced from Energy Development Corporation’s geothermal power plants in Leyte. 

FGES’ new agreement is on top of a 1,500-kilowatt deal signed last year.

CESI and FGES are accredited RESs under the GEOP.