Citicore Power, Inc., a renewable energy (RE) company, announced over the weekend that it would supply up to 20 megawatts (MW) of solar energy to Shell Energy Philippines, Inc. through its Bataan plant.
Shell Energy is the Shell Group’s bulk power provider.
Citicore Solar Bataan, Inc. (CSBI) will supply RE to Shell [Energy] through its solar farm in Mariveles, Bataan, Citicore Power announced in a press release on Saturday.
CSBI is one of the company’s eight solar facilities located in the region, totaling 163 MW in power.
Citicore Power President and Chief Executive Officer Oliver Y. Tan stated that his company and Shell Energy share a commitment to provide customers with renewable and renewable electricity.
“Through this partnership, we want to promote and extend the country’s transition to and use of renewable energy,” he added.
Citicore Power intends to more than double the renewable energy mix over the next five years in order to assist more consumers in attaining net-zero emissions. The company’s solar portfolio has produced approximately 1.08 billion kilowatt-hours of electricity to date, resulting in a reduction of 763,200 metric tons of carbon emissions.
Citicore Power’s market supply arm, Citicore Energy Solutions, Inc., received a Department of Energy operating permit last month to engage in the renewable energy alternative scheme.
The scheme is a cooperative policy initiative that enables consumers who use at least 100 kilowatts of electricity to purchase their energy from participating retail energy providers who generate electricity using renewable sources.
Mr. Tan announced in March that Citicore Power had committed P4 billion in capital spending to solar and hydroelectric ventures.
He added that the firm plans to raise money in what may be the country’s “first power REIT sale,” relating to a real estate investment trust or an organization with a diverse portfolio of properties that provides investors with consistent earnings.
Citicore Power is a wholly owned subsidiary of Citicore Holdings, Inc. Citicore Power is a wholly owned subsidiary of Citicore Holdings, Inc. Megawide Construction Corp. and GMR-Megawide Cebu Airport Corp., Citicore Holdings’ airport operations vehicle, are among its affiliates.