Citicore Power Inc. has secured service contracts for five hydro projects in Luzon with a combined capacity of 2,300 megawatts.
The Energy Department awarded service contracts for Citicore’s five pumped-storage hydro power projects that will help secure the country’s long term energy requirement.
“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,” said Manolo Candelaria, Citicore Power executive vice president for commercial and development operations.
A hydro project is estimated to cost around $2 million to $2.5 million per MW to build.
Service contracts authorize a power generation company to proceed with the pre-development stage of the proposed projects, which include permitting and various studies.
The projects are in line with Citicore’s goal of providing green energy, while protecting the environment and setting up economic opportunities for the communities where the projects are located.
Citicore currently has an existing capacity of solar projects totaling 100 MW. It is also looking at opportunities in other types of renewable energy development.
The plants include 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 said.
The company aim to produce 1,000 MW capacity from renewable energy sources by 2020.
Citicore previously 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.