- The solar farm project will satiate the energy demand growth of the Pampanga power utility.
- This will partly fulfill the portfolio buildup plan of CREC.
Citicore to build solar facility for Pampanga utility firm
BY MYRNA M. VELASCO – Aug 2, 2023 03:57 PM
from Manila Bulletin
AT A GLANCE
Citicore Renewable Energy Corporation (CREC) will put up a 10-megawatt solar farm project that will be embedded into the load network of Pampanga I Electric Cooperative (PELCO I).
The RE company announced in a press statement that a memorandum of agreement (MOA) on this venture has already been cemented with the Pampanga power utility.
Under the deal, it was fleshed out that “CREC will develop, construct, and operate” the proposed solar facility on a 12-hectare property in Barangay Escaler in the town of Magalang, Pampanga.
Upon the completion of the solar farm development, it was agreed by the parties that the plant will “directly supply the power needs in the franchise area of PELCO I without the need for a grid connection.”
According to PELCO I President Darius L. Cunanan, “this embedded power plant is one of our dreams in PELCO I,” and the realization of that will be the investment that CREC will be funneling into the project.
CREC emphasized that the greenfield power facility will beef up its renewable energy portfolio in the province, the first one of which has been its commercially operating Arayat-Mexico solar farm venture of 115MW capacity.
Oliver Tan, president and CEO of CREC, noted that PELCO’s decision to shift to solar technology in meeting its growing energy demand is a manifestation of the power utility’s commitment toward environmental stewardship. The capacity delivery will also be anchored on volatility-shielded pricing.
“Apart from being conscious about our environment and natural resources, this agreement will benefit them and their consumers as we give them competitive pricing that is shielded from price fluctuations,” he stressed.
Following the signing of the agreement, the next steps for the parties would be securing warranted permits and clearances from the National Electrification Administration (NEA) and Department of Energy, as well as tariff approval from the Energy Regulatory Commission.
On the longer term, the target of CREC is to beef up its RE installations portfolio by 1,000MW annually over the next five years; and that is also seen as a linchpin to the company’s journey into rising as one of the major players in the RE sector.
The favorable development it was able to clinch recently toward that goal had been the 916MW of solar and wind farm projects that it won in the second green energy auction (GEA-2) administered by the energy department.
