MANILA, Philippines — Citicore Power Inc. is eyeing a significant share in the green energy option program (GEOP) through its agro-solar platform.
The company believes it is in a strong position to benefit from the GEOP, especially with its wide array of RE offerings.
“Currently, we are heavily engaged in expanding our solar energy pipeline, anchored on an agro-solar-social platform, to wholly optimize the use of land for industrial, agricultural and social development purposes,” Citicore president Oliver Tan said in a statement.
“As we expand our scope in renewable energy, we are confident of getting a significant share of the market considering our strong and sustainable agro-[solar]-social platform…On top of these, we not just offer environmentally-friendly solutions, but agriculturally-beneficial and socially-responsible technologies and methodologies as well, for a complete ESG package for the customer and the community,” he said.
Citicore’s retail electricity supplier arm Citicore Energy Solutions Inc. was recently included in the Department of Energy’s (DoE’s) expanded list of entities qualified under the GEOP.
A voluntary mechanism launched in 2018, the GEOP allows consumers to source their power supply from a renewable energy (RE) supplier.
Under the program, contestable customers who consume at least 1,000 kilowatts can contract directly with RES directly for the volume, rate and package they prefer.
The program is aligned with the Retail Competition and Open Access policy, which are both designed to bring down electricity prices through competition.
By the third quarter of the year, 30 megawatts (MW) will be made available under GEOP from its total capacity.
“Beginning third quarter of this year, about 30 MW will become available due to expiration of an existing contract. This can be used for GEOP,” the company said in a reply to The STAR.
Citicore currently operates eight solar plants across the country with an aggregate installed capacity of 163 megawatts (MW), all of which are 100% contracted.
Meanwhile, the company recently signed a contract with AC Energy Inc. to develop as much as 1.5 gigawatts (GW) of solar energy over the next five years.
The first project, which is a 72-MW solar plant project in Arayat-Mexico, Pampanga, is underway and scheduled to break ground soon.
The company wholly owns Rio Norte Hydro Corp., which is engaged in the development of a 19.7-MW run-of-river (ROR) hydropower project in Echague, Isabela, which started construction in March and is targeted to be on stream by October 2024.
“Due to the ill effects of climate change, there is a growing consciousness to shift to clean and RE among consumers and given that GEOP advocates the consumers’ rights to choose, we believe that our diverse portfolio provides us with a distinct advantage,” Tan said.
The DOE has approved 10 RES under the GEOP. Apart from Citicore, the agency cleared Bacman Geothermal Inc., First Gen Energy Solutions, SN Aboitiz Power-Magat, SN Aboitiz Power-Res, AC Energy Philippines, Sparc-Solar Powered Agri-Rural Communities Corp., Aboitiz Energy Solutions, Prism Energy Inc. and Adventenergy.