Citicore Power scales up RES business


RENEWABLE energy company Citicore Power, Inc. (Citicore Power), through its retailer unit Citicore Energy Solutions, Inc. (CESI), is now an accredited Retail Electricity Supplier (RES) offering a cleaner alternative source of electricity for bulk consumers.

“Being a new face in the industry, CESI is confident of being at par with its counterparts in the next few years given its technical expertise, competitive tariff rates, and broad range of customer-friendly services,” Citicore Power said on Thursday.

A RES license allows a company to provide electricity directly to contestable customers under the retail competition and open access (RCOA) program.

Under RCOA, large users in Luzon and Visayas with an average monthly peak demand of 1-megawatt (MW) have the option to seek their own power suppliers.

CESI is currently active in talking to potential customers after securing its RES license from the Energy Regulatory Commission (ERC) on January 30, 2017.

Citicore Power is scaling up its RES business to attract more customers who prefer clean energy sources.

“CESI also aims to educate consumers on the RCOA scheme and the importance of switching to cleaner renewable energy sources and reduce carbon footprint in the country,” Citicore Power said.

The company is committed to reducing greenhouse gas emissions through solar, wind, hydro, and biomass projects across the Philippines and Asia.

It operates three solar power projects in the provinces of Bataan, Negros Occidental and Cebu with a total capacity of 103 megawatts. At a valuation of $2 million to $3 million per MW, the three assets are estimated to be worth a combined P14 billion.

In July last year, Megawide Construction Corp. fully acquired its sister company Citicore Power from its parent firm Citicore Investment Holdings.

With a goal to produce 1000 MW of clean energy, Megawide told the local bourse last year that Citicore Power will tap the widest range of renewable energy sources.


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