Citicore Power secures 5 service contracts

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RENEWABLE energy company Citicore Power, Inc. (CPI) announced that it has secured service contracts from the Department of Energy (DoE) for five pumped-storage hydro power projects located across Southern Luzon with an aggregate capacity of 2,300 megawatts (MW).

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It said the five projects will pave the way for the realization of its planned large hydro power projects in Luzon.
A service contract authorizes a power generation company to proceed with the pre-development stage of the proposed projects, which include permitting and various studies.

Citicore said that the DoE awarded service contracts to the company last May for each of its five pumped-storage hydro power projects and the contracts were received in June.

It said the projects are congruent to the company’s goal of providing green energy, while protecting the environment and setting up economic opportunities for the communities where the projects are located.

“Citicore Power saw an opportunity to develop clean energy from renewable sources that will invigorate the country’s energy mix. Through the projects, the company aims to provide an answer to the increasing demand of power in the Philippines,” CPI Executive Vice President for Commercial and Development Operations Manolo Candelaria said.

Going into hydro power development will aid Citicore Power in attaining its 1,000-MW capacity target by broadening its horizon by looking at opportunities in other types of renewable energy development.

To date, the company has more than 100 MW of rated capacity from its three existing solar power plants. These are the 18-MW solar plant in Mariveles, Bataan; the 25-MW solar farm in Silay City, Negros Occidental; and the 60-MW solar power facility in Toledo City, Cebu.

“We remain committed to explore more projects not just in solar and hydro power, but also in other forms of renewable energy sources such as wind and biomass,” Candelaria added.

In partnership with PhilHydro Association, Inc., the company will participate in the 2nd Philippine Hydro Summit and Exhibition on July 12 to 13 which will be held at the Makati Diamond Residences. Organized by PhilHydro Association and the DOE, the event targets to promote and educate the public about hydro power developments and their viability in the Philippine setting.

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