Citicore Power, Inc., a renewable energy (RE) provider, said over the weekend that it intends to contribute an initial 30 megawatts (MW) from its solar portfolio to the government’s green energy option program (GEOP).
“Beginning in the third quarter of this year, about 30 MW will be first utilized for GEOP, since this will become available owing to the expiry of an existing contract,” Citicore said in a text message to BusinessWorld on Sunday.
The company emphasized that the capacity will be provided by its solar farms, but did not specify which of its facilities would provide the 30-MW allocation. Citicore now runs eight solar farms around the nation with a total installed capacity of 163 MW that are completely contracted.
Citicore Power’s retail power provider, Citicore Energy Solutions, Inc., was previously selected by the Department of Energy (DoE) as one of the ten businesses that qualified for the GEOP.
The GEOP, which was launched in 2018, is a voluntary system that enables consumers who use at least 100 kilowatts of power to acquire their supply from retail electricity providers that offer renewable energy.
“Being listed on the DoE’s GEOP… list is a very positive development for Citicore,” Citicore President Oliver Y. Tan said in a statement published on Friday.
“Because of the negative consequences of climate change, there is a rising awareness among consumers to transition to clean and renewable energy, and given that GEOP advocates for consumer choice, we feel that our varied portfolio gives us a significant edge… We can accommodate people who choose solar, hydro, or biomass energy,” he continued.
The company also holds 100% of Rio Norte Hydro Corp., which is building the 19.7-MW run-of-river hydro projects in Echaque, Isabela, and 60% of Citicore Candlewick Biomass, Inc., which employs sustainable processes to produce wood biomass products that may be used as fuel alternatives.
Citicore earlier announced that its subsidiary Citicore Solar Energy Corp. has inked an agreement with Ayala-led AC Energy Corp. to construct a 50-MW photovoltaic solar complex in Arayat and Mexico, Pampanga. The factory is scheduled to open in November.
Citicore said in February that it was allocated P4 billion in capital expenditures for solar and hydro projects. P2.5 billion will be allocated to solar projects, while P1.5 billion will be allocated to hydro projects.