Citicore renews power supply deal with Shell

MANILA, Philippines — Citicore Renewable Energy Corp. (CREC) renewed its power supply deal with Shell Energy Philippines Inc. for the supply of clean and renewable energy (RE) from its solar portfolio.

This extends the short-term 20-megawatt (MW) power supply agreement (PSA) signed by the two companies in May last year.

The solar capacity under the renewed PSA will complement SEPH’s supply stream, CREC said.

Under the previously signed deal, subsidiary Citicore Solar Bataan Inc. (CSBI) will supply Shell Energy through its solar plant located in Mariveles, Bataan.

“We are very grateful for this renewed partnership with Shell as we share the same vision of a future powered by clean and renewable energy. This development is a testament to the very high customer satisfaction and excellent service we provide our clients, who continue to trust and believe in us since 2017,” Citicore president and CEO Oliver Tan said.

The renewal is a strong vote of confidence in CREC’s ability to deliver a steady supply of energy, which also supports the RE firm’s objective of securing long-term offtake agreements with its customers.

“We are happy to have this strengthened partnership with CREC as we provide cleaner energy to our customers,” Shell Energy president Bernd Krukenberg said.

CREC currently operates and maintains eight strategically located solar energy producing assets across the country, generating a combined power of 163-MW.

The company has an aggressive pipeline of expanding its renewable energy capacity by an additional 1,500-MW over the next five years.

These projects which potentially could be infused into Citicore Energy REIT Corp. (CREIT), the country’s first energy real estate investment trust (REIT), which CREC sponsors.

Shell Energy, meanwhile, is a retail electricity supplier under the Shell Group offering competitive and cleaner environment-friendly energy solutions to various businesses in the Philippines.

Citicore’s subsidiary Citicore Energy Solutions Inc. recently renewed its retail electricity supplier’s license from the Energy Regulatory Commission and secured the Green Energy Option Program operating permit from the Department of Energy (DOE), ensuring CREC’s viability as a steady and stable supplier of renewable energy products to a wider customer base.