Citicore Power Inc. is looking at hydro power investments as the company seeks to become one of the leading renewable energy companies in Southeast Asia with a capacity of 1,000 megawatts by 2020.
“Given that the Philippines is an archipelago offering large variety of bodies of water, we believe in the enormous potential of natural hydro power sources to produce clean electricity that can energize thousands up to millions of homes across the country,” said Manolo Candelaria, Citicore executive vice president for commercial and development operations, in a statement.
The company has pending several hydro power projects with the Energy Department. Citicore is also currently an active member of PhilHydro Association Inc.
The company is pushing for the development of hydro power facilities not only to energize homes and buildings, but also to preserve the environment by reducing carbon emissions from traditional power generation and to promote inclusive growth by creating economic opportunities to neighboring communities where it operates.
“We support PhilHydro Association in its thrust to encourage the usage and development of hydro sources and we are committed to explore opportunities in this area beneficial for us and for the communities,” Candelaria said.
Candelaria said going into hydro power development would aid Citicore in attaining its 1,000-MW capacity target.
To date, the company has over 100 MW of rated capacity from three existing solar power plants. The plants 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.
Citicore earlier announced plans to build 500 MW of solar capacity overseas as part of an expansion program.
The planned solar projects are in Japan, Malaysia, Indonesia, Thailand, Vietnam and Myanmar.
Citicore signed a partnership deal with Huawei Technologies Company Ltd. for its overseas solar business development.