CITICORE Energy Solutions, Inc. (CESI), a unit of renewable energy firm Citicore Power, Inc., made its first foray into retail power with a contract to supply power to Citystate Centre Condominium Corp.
The retail contract between the two entities was signed last July 11 but was made public only recently.
Under the contract, to take effect on August 26, CESI will provide 2.61 megawatts (MW) of sustainable energy to Citystate.
The agreement was carried out through the Retail Competition and Open Access (RCOA) system, under which large consumers in Luzon and Visayas with an average monthly peak demand of at least 1MW can choose their own power suppliers.
During the signing ceremony, CESI President Manolo Candelaria, who is also Citicore Power’s executive vice president for Commercial and Development Operations, said they have already attained significant milestones despite being a new player in the industry.
Citystate President Jesus Antonio Cabangon said his company believes that renewable energy, specifically solar energy, is the way to go for their projects.
Citicore, which has over 100MW of solar power facilities throughout the country, said it intends to broaden its horizons by exploring and pursuing different opportunities in other types of RE development.