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Manila Bulletin devider Business devider Shell renews power supply deal with Citicore

Shell renews power supply deal with Citicore

Published Feb 15, 2022 04:56 pm

Shell Energy Philippines Inc. (SEPH) has renewed its power supply agreement with Citicore Energy REIT Inc. (CREIT) and Citicore Renewable Energy Corp (CREC), enabling the former to continually source RE-generated capacity from the portfolio of solar plants of the Citicore group.

Apart from the partner-firms’ common vision for the utilization of clean power source, CREIT President and CEO Oliver Tan noted that “’this development is a testament to the very high customer satisfaction and excellent service we provide our clients.”

He cited that the first partnership with Shell on supply sourcing arrangement that started way back in 2017 continued from then on. In the supply deal inked by the parties last year, Shell Energy opted for capacity procurement of 20 megawatts.

According to CREIT, “the new partnership is an extension of the short-term PSA earlier signed between the two parties and covers several PSAs that will complement SEPH’s supply stream.”

Citicore, which is affiliated with the Megawide group, reiterated that Shell’s power supply pact renewal “is a strong vote of confidence in CREC’s ability to deliver a steady supply of energy, which also supports CREC’s objective of securing long-term offtake agreements with its customers.”

Shell Energy Philippines is considerably a new player in the power sector. It has been supplying to contestable customers as a licensed retail electricity supplier (RES) in the retail market space of the deregulated electricity sector.

Bernd Krukenberg, president of Shell Energy Philippines, indicated that their company is “happy to have this strengthened partnership with CREC as we provide cleaner energy to our customers.”

At least eight commercially-operating solar farm installations are currently in the portfolio of Citicore with aggregate capacity of 163 megawatts.

In the next five years, Citicore is casting capacity buildup that must top 1,500 megawatts and it is likewise targeting to eventually infuse that into its CREIT subsidiary, the first RE company to undertake real estate investment trust (REIT) listing with the Philippine Stock Exchange.

Beyond its power generation business, its other subsidiary Citicore Energy Solutions Inc. is also a licensed retail power supplier and has similarly secured its operating permit to offer RE capacity under the Green Energy Option Program (GEOP) that was instituted by the government.

Related Tags

#SHELL #CITICORE #CREC #CREIT #RE #SOLAR
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