CREC, Shell renew power supply deal

BY LENIE LECTURA – FEBRUARY 15, 2022
from Business Mirror

Citicore Renewable Energy Corp. (CREC) will continue to supply Shell Energy Philippines Inc. (SEPH) with renewable energy to be sourced from its solar power facilities.

The new partnership is an extension of the short-term power supply agreement (PSA) earlier signed between the two parties and covers several PSAs that will complement SEPH’s supply stream.

“We are happy to have this strengthened partnership with CREC as we provide cleaner energy to our customers,” said Shell Energy Philippines President Bernd Krukenberg.

CREC currently operates and maintains eight strategically located solar-energy producing assets across the country, generating a combined power of 163megawatts (MW). The company is expanding its renewable energy capacity by an additional 1,500 MW over the next five years.

“We are very grateful for this renewed partnership with Shell as we share the same vision of a future powered by clean and renewable energy. This development is a testament to the very high customer satisfaction and excellent service we provide our clients, who continue to trust and believe in us since 2017,” said CREIT President and CEO Oliver Tan.

Shell Energy is a retail electricity supplier under the Shell Group offering competitive and cleaner environment-friendly energy solutions to various businesses in the Philippines.

Citicore’s subsidiary, Citicore Energy Solutions Inc., recently renewed its Retail Electricity Supplier’s license from the Energy Regulatory Commission and secured the Green Energy Option Program (GEOP) operating permit from the Department of Energy under the agency’s GEOP, ensuring CREC’s viability as a steady and stable supplier of renewable energy products to a wider customer base.