A UNIT of Citicore Renewable Energy Corp. (CREC) will supply renewable energy to a Toyota Motor Philippines Corp. franchisee in Cebu to step up the 鈥渁cceleration of its customer diversification,鈥 the company said.
In a media release sent over the weekend, CREC said it would supply solar energy for two years to Toyota Motors Cebu through its retail electricity supplier arm Citicore Energy Solutions, Inc., which is listed under the government鈥檚 Green Energy Option Program (GEOP).
GEOP allows end-users with 100-kilowatt power demand to opt for renewable energy supply from sources accredited by the Energy department.
鈥淭he pace at which renewable energy (RE) becomes so relevant among industry leaders and big energy consumers provides an excellent growth opportunity for the entire Citicore organization. Being one of the highly-integrated RE players in the country, we are in a unique position to take advantage of this surge, which we believe we are making significant inroads into,鈥 said CREC President and Chief Executive Officer Oliver Y. Tan in a statement.
The company declined to disclose the contracted power supply, but said it sees the agreement as 鈥渁 start in the automotive market.鈥
CREC earlier reported a 250% increase in its customer base from 2016 to 2021, bringing a total of 90 megawatts (MW) of contracted supply, including 5.1 MW of renewable energy supplied to partner facilities such as Tutuban Mall in Manila.
鈥淭his entry into the automotive industry is another testament to CREC鈥檚 capability to deliver reliable supply of energy to any areas and business, while being more always available and accessible to its potential customers,鈥 Mr. Tan said.
CREC has earmarked P70 billion for capital expenditure projects spread in the next five years to add 1,500 MW of renewable energy to its portfolio. This year, it has set aside P3 billion for existing projects. 鈥 Marielle C. Lucenio
