COREnergy Inc., a wholly-owned subsidiary of Vivant Energy Corp., signed a 20-year power supply agreement with Samal Solar Renewable Energy Corp. (SSREC), the developer of a 52-megawatt (MW) solar plant in Bataan province.
Parent firm Vivant Corp. said in a disclosure to the stock exchange Thursday that SSREC’s obligation to construct the plant and supply the contracted energy to COREnergy is subject to a successful financial close to secure debt financing for the project.
The solar power facility is scheduled to be completed by the second quarter of 2025.
COREnergy, established in 2012, is a retail company that offers energy solutions to commercial and industrial establishments. The company earlier said it planned to add 18 MW of solar rooftop generation capacity by the end of the year from 6 MW in 2022.
COREnergy takes a customer-centric approach in developing and delivering energy solutions that sustain the growth of businesses and industries. It provides an array of services from providing baseload, mid–merit to peaking and replacement power requirement of contestable customers.
These customers benefit from a well–established generation portfolio, enabling them to experience a reliable and cost-efficient supply of power.
COREnergy procures its supply from a diverse mix of sources and generation technology.
Meanwhile, Vivant Energy, Aboitiz Power Corp. subsidiary Aboitiz Renewables Inc. and Vena Energy signed early this week an agreement to jointly develop the 206-megawatt San Isidro wind power project in San Isidro, northern Samar in the Visayas.
The San Isidro wind power project is expected to reach financial close and start construction in the fourth quarter. Start of commercial operations is targeted in the first quarter of 2025.
“We welcome this opportunity to partner with two leaders in renewable energy development which share our vision of helping the country attain energy security while promoting renewable energy and contributing to countrywide development,” Vivant Energy president and chief operating officer Emil Andre Garcia said.
“We are privileged to have gained the trust of Vena Energy, a leader in RE in the Asia Pacific region. We’re glad that our long-time partnership with AP has become stronger and has expanded to the RE space. This partnership brings us closer to the goal to expand our RE portfolio to 30 percent by 2030,” said Garcia.
Vena Energy is a Singapore-based company which owns wind and solar power plants which has a portfolio exceeding 40 gigawatts of solar, onshore wind, offshore wind, energy storage and hybrid RE projects worldwide.