AC Energy inks Citicore deal

AC Energy Holdings, Inc. has forged a power supply agreement with retail electricity supplier Citicore Energy Solutions, Inc. (CESI), the energy development unit of Ayala Corp. said.

In a statement, AC Energy quoted CESI President Manolo T. Candelaria as saying the partnership would revitalize the power generation company’s portfolio ahead of the implementation of rules governing renewable portfolio standards (RPS).

CESI is a unit of Citicore Power, Inc., a renewable energy company that launched in February last year a 25-megawatt (MW) solar plant in Silay, Negros Occidental. Citicore Power is looking at solar, wind, hydro, and biomass projects in the Philippines and Asia.

“This will be a synergistic partnership between AC Energy and Citicore Power as we both share the same mission to employ excellence and technological innovation while preserving the environment through the use of clean and sustainable energy,” Mr. Candelaria said.

The RPS rules, which policy makers expect to implement at the start of 2018, require power distributors to source a portion of their requirement from renewable energy. The Energy department is getting the comments from industry participants before issuing a circular.

“We hope to explore more renewable energy partnerships of this kind moving forward,” Mr. Candelaria said.

The two did not disclose the power capacity involved in the power supply deal.

AC Energy is a subsidiary of Ayala Corp. with investments in renewable energy and conventional power plants. —