Citicore Renewable Energy Corp., led by executive vice president Manolo Candelaria (third from left), signed an agreement with Clark Electric Distribution Corp., represented by Erickson Montes (third from right), to supply the latter with solar power through Citicore’s Tarlac power plants. —Contributed photo
MANILA -Citicore Renewable Energy Corp. will provide solar power to Pampanga-based Clark Electric Distribution Corp. (CEDC) through two Tarlac power plants after signing a one-year contract, Citicore announced on Wednesday.
Under the supply agreement, Citicore will provide 7.5 megawatts (MW) of solar power for CEDC until December 2024. Supply will come from the Citicore Solar Tarlac 1 and 2 plants that have a combined capacity of 15 MW.
“Our partnership with CEDC, among others, is another step in Citicore’s continued commitment to support the government in their renewable energy transition target,” Citicore executive vice president Manolo Candelaria said in a statement.
Citicore also noted that the agreement would eventually be expanded to a 10-year supply contract upon the full commercial operations of the company’s 60-MW Bato solar plant in Zambales province.
The upcoming Zambales plant will bring the total supply provided for CEDC to 30 MW, Citicore said.
CEDC distributes power exclusively within the Clark Special Economic Zone and sub-zone. Manila Electric Co., the sole power distributor in Metro Manila, has a 65-percent ownership stake in CEDC.
READ: Citicore Renewables unit gets $100-M loan for expansion
Earlier this month, Citicore secured a $100-million loan from Singapore-based debt financing firm Pentagreen Capital to fund its aggressive portfolio expansion in the next five years, beginning with four new solar projects in Luzon.
The initial $30 million will be used to fund the construction of the Lumbangan, Luntal, Bolbok 1 and Bolbok 2 solar plants in Batangas, as well as the operations of the existing Arayat 1 and 2 plants in Pampanga.
Citicore currently has 680 MW of committed renewable energy capacity.