Citicore secures long-term power supply contract

Citicore Renewable Energy Company (CREC), through its retail supply arm, Citicore Energy Solutions, Inc., (CESI), secures 1MW long-term power supply contract with water management solutions provider JE Hydro and Bio Energy Corp. (JEHBEC).

JEHBEC, a Filipinoowned company based in Cebu, is a competitive player in the water treatment industry that provides advanced endto-end water solutions. The company designs, develops, operates, and maintains bulk water treatment facilities using digital innovative systems in Iloilo, Bukidnon, Leyte, Bohol, and Cagayan de Oro City among others.

The deal with CESI was signed under the government’s Green Energy Option Program (GEOP), which allows end users to source their electricity requirements from preferred renewable energy sources.

JEHBEC, a bulk water provider of Metropolitan Cebu Water District (MCWD) in Cebu City and qualified under the GEOP, has opted to tap renewable energy suppliers, such as CREC’s solar plant in Toledo City, Cebu, to supply their power needs.

Citicore Solar Toledo, the largest solar plant in Visayas, is one of 10 solar facilities operated by CREC, the sponsor company of the country’s first energy-themed REIT, Citicore Energy REIT, Corp. (CREIT).

“Our shared vision in delivering more sustainable basic utilities to the Filipino people will help empower more communities and address the gaps in the water and energy supply situation across the country,” said the CREC and CREIT President and CEO Oliver Tan.

For its part, JEHBEC welcomes the partnership, which further strengthens its green advocacy and supply chain.

“From the design stage of our facilities, we already integrate resource conservation and environmental stewardship in developing studies and solutions for sustainable water systems. We further ensure our sustainability efforts by incorporating RE in our operations,” said JEHBEC Chairman Engr Joffrey E. Hapitan.

CREC’s continued expansion and diversification its customer-base is consistent with its long-term plan to increase renewable energy usage in the country and towards its goal of a net zero carbon future. With the company’s plan of growing its current capacity by five times to 1.5GW in the next five years, CREC will have a steady pipeline of renewable energy sources available for offtake agreements with existing and new customers.

CREC’s larger capacity and wider customer base will also augur well for CREIT, as most of these assets are programmed to be infused into the REIT Co. in the next five years, supporting a sustainable and growing revenue base,” added Tan.