Citicore Energy REIT Inc.’s sponsor and major tenant Citicore Renewable Energy Corp. renewed its agreement with Shell Energy Philippines Inc. over the supply of clean and renewable energy coming from its portfolio of solar power generating plants.
CREIT president and chief executive Oliver Tan said in a statement Tuesday Shell and Citicore share the same vision of a future powered by clean and renewable energy.
“This development is a testament to the very high customer satisfaction and excellent service we provide our clients, who continue to trust and believe in us since 2017,” said Tan.
The partnership is an extension of the short-term power supply agreement earlier signed by the two parties and covers several PSAs that will complement SEPH’s supply needs.
CREC said the SEPH renewal is a strong vote of confidence in CREC’s ability to deliver a steady supply of energy, which also supports the company’s objective of securing long-term offtake agreements with its customers.
“We are happy to have this strengthened partnership with CREC as we provide cleaner energy to our customers,” said Shell Energy Philippines president Bernd Krukenberg.
CREC operates and maintains eight strategically located solar-energy producing assets across the country, generating a combined power of 163 megawatts.
The company is expanding its renewable energy capacity by an additional 1,500 MW over the next five years, which potentially could be infused into CREIT.
Shell Energy, meanwhile, is a retail electricity supplier under the Shell Group offering competitive and cleaner environment-friendly energy solutions to various businesses in the Philippines.
Citicore’s subsidiary Citicore Energy Solutions Inc. recently renewed its retail electricity supplier’s license from the Energy Regulatory Commission and secured the Green Energy Option Program operating permit from the Department of Energy.