Citicore taps Chinese firm for solar panel needs

MANILA, Philippines — Citicore Renewable Energy Corp. (CREC) of tycoon Edgar Saavedra has locked in a new supply deal with Shanghai-listed Trinasolar Co. Ltd. for two gigawatts (GW) worth of solar panels.

Under the recently signed agreement, Trinasolar will supply solar modules to CREC for the latter’s project rollout, including those secured under the green energy auction program.

“With our first GW nearing completion, we are now paving the way for our next two GW of solar projects through this newest supply contract with Trinasolar,” CREC president and CEO Oliver Tan said.

“This continuing partnership totaling three GW demonstrated CREC’s commitment to “efficiency and innovation in powering a first-world Philippines with pure renewable energy (RE),” Tan added.

The latest deal marks the largest contract ever between the two companies and the biggest transaction by capacity for Trinasolar in the Philippines to date.

Last year, the Citicore Group purchased 700 megawatts worth of solar modules from Trinasolar.

“Together, we’re not only meeting the Philippines’ energy needs but also setting a new benchmark for sustainable progress in the region,” Trinasolar executive president Helena Li said.

Founded in 1997, Trinasolar is primarily engaged in solar photovoltaic products, PV systems and smart energy.

PV systems consist of power stations and system products, while smart energy mainly comprises PV power generation, operation and maintenance.

CREC, on the other hand, is a pure-play RE platform focused on and committed to the development of clean energy projects.