Citicore Energy Solutions Inc., the retail arm of Citicore Renewable Energy Corp., renewed power supply contracts with five clients that are about to expire in 2022.
CREC, which is also the parent company of the country’s first energy REIT—Citicore Energy REIT Corp., said CESI recently signed deals with long-time partners Bench Tower (through Ground18), Citystate Condominium, Eastfield, Succeed Ventures Asia and Prince Alumer Development Corp. for another two years involving an aggregate capacity of 5.1 megawatts.
This is the same amount of energy originally committed under the Retail Competition Open Access. RCOA makes contestable customers the ultimate decision-maker for their power supply requirements. By directly transacting with power generation companies, these customers can freely choose their suppliers of electricity, who can offer the most competitive price and best service suitable to their needs.
“We are grateful for the continued trust and support of our customers in the product we offer and service we provide, allowing us to achieve 100-percent of our target as early as the first quarter of 2022. We expect to continue this long-term collaboration with our existing customers and also look forward to forming new ones,” said CREC president and chief executive Oliver Tan.
The contracted capacity is 16 percent of the company’s clients whose contracts are expiring this year.
The company also closed a contract with a new commercial partner, Clear Water Ice Plant—a cold storage facility with 24/7 operations in Mandaue, Cebu. The contract was signed through CESI under its Green Energy Program which will source energy from Citicore Solar Cebu in Toledo.
GEOP helps interested customers transition to RE, with a commitment of green energy supply by allowing end-users to choose their RE resources as their sources of energy.
“We welcome partners from different businesses and industries who are willing and ready to shift to green energy solutions and share with us the goal of achieving a net-zero carbon future. By educating and encouraging more end users to change their lifestyles, we can build a critical mass of RE advocates and promote a sustainable co-existence between the different stakeholders—such as RE suppliers, business partners, consumers—and the environment,” Tan said.
The Citicore group continues to be firm on its commitment to sustainability, which was further strengthened by CREIT’s Dark Green rating received from CICERO Shades of Green, a leading provider of independent research evaluation of green bond investment frameworks and assessment of companies’ sustainability-linked bonds and impact reports.
The dark green rating, with CREIT as first recipient in Southeast Asia, ranks as the highest depending on the environmental soundness of green projects, long-term support on low-carbon and climate resiliency.