Citicore RES expands customer base by 250%

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Citicore Energy Solutions Inc (CESI), the retail electricity supplier (RES) of Citicore Renewable Energy Corporation (CREC) said it has expanded its customer base by 2.5 times after securing contracts with big-ticket power users. 

The two new power supply agreements (PSAs) were signed at end-2021 with a real estate logistics firm, which it did not name, and two of its subsidiaries in Luzon. The contracts are set to last until 2023. 

The logistics services company first signed a PSA with Citicore in November 2021 for the provision of 0.6 megawatts (MW), immediately followed by a 4.5MW contract a month after, for a total of 5.1MW of renewable energy capacity to partner facilities – including the Tutuban Mall in Tondo, Manila. 

Through CESI, an RES participant in the government’s Green Energy Option Program, CREC can directly supply consumers with renewable energy sources. 

Citicore Energy REIT Corporation (CREIT) President and CEO Oliver Tan said that the company’s increasing collaboration with different industry players is an indication of the growing consciousness to shift to clean and renewable energy. He added that these shifts are a strong testament to CREC’s capability to provide a steady and reliable supply of clean energy to different industries. 

CREC is the sponsor of CREIT, which formally listed in the Philippine Stock Exchange on Tuesday morning. 

CESI, meanwhile, previously signed PSAs with Ground 18 Realty Corporation, which administers the Bench Tower in Taguig City, and Liberty Flour Mills, among others. The deals are under the government’s Retail Competition and Open Access program.

CREC owns and operates eight solar power plants in the country with a total installed capacity of 163MW, which have all been contracted. It is targeting to expand its portfolio to 1,500MW in the next five years.