Citicore Power Inc., which is affiliated with the Megawide group, will be supplying 20 megawatts of renewable energy (RE) capacity to Shell Energy Philippines Inc., which is licensed as a retail electricity supplier (RES) under the retail competition and open access (RCOA) regime of the power sector.
In a statement to the media, Citicore noted that the capacity off-take of Shell Energy will be coming from its Citicore Solar Bataan Inc. (CSBI) development, its solar farm venture in Mariveles, Bataan.
Oliver Tan, president and CEO of Citicore Power, said the two companies “share a mission to provide clean and sustainable energy to meet consumers’ requirements and carbon-free aspirations.”
As a retail electricity supplier, Shell Energy can offer power supply to end-users that have 500 kilowatts (kW) of peak demand and higher – that is based on the lowered RCOA threshold recently set by the Energy Regulatory Commission.
Tan added that from their initial collaboration of 20MW power purchase by Shell, “we are looking forward to accelerate and expand the country’s shift to and utilization of renewable energy.”
Shell Energy, is considerably a new player in the restructured power sector, and it is taking its plunge initially into selling RE capacity to consumers that can already exercise their ‘power of choice’ as underpinned by the RCOA edict.
The bigger investment target of Shell Energy is its proposed liquefied natural gas (LNG) import facility that has been approved recently by the Department of Energy (DOE) via the issuance of notice-to-proceed (NTP) for the implementation of the venture.
On the part of Citicore, the company noted that it “continues to develop new RE sources and plans to increase its RE portfolio five-fold over the next five years, in order to support more customers in their net-zero emissions journeys.”
Citicore narrated that since the kick-off of its commercial operations, it already generated a total of 1.077 billion kilowatt-hours of energy – and that redounds to 763,200 metric tons of reduced carbon dioxide emissions.
Apart from its retail electricity supplier arm Citicore Energy Solutions Inc. (CESI), the firm emphasized that it also secured its licensed from the DOE as an entity that can offer energy capacity under the Green Energy Option Program (GEOP), an alternative market for RE developments in the country.
“As the country races to achieve a zero carbon-footprint future, Citicore is moving at an increased pace in utilizing innovative technologies to expand and grow renewable energy sources and supply in the Philippines by accelerating its RE portfolio build-up,” the company stressed. ###