DOE approves Citicore’s five hydropower service contracts totaling 2,300 megawatts

By  Lenie Lectura – July 5, 2017

from Business Mirror

THE Department of Energy (DOE) has awarded Citicore Power Inc. (CPI) five service contracts for its pumped-storage hydropower projects with a total capacity of 2,300 megawatts (MW).

The company said on Wednesday it received the contracts last month.

A service contract authorizes a power- generation company to proceed with the predevelopment stage of proposed projects, which include permits and the conduct of various studies.

The projects are congruent with the CPI’s goal of providing green energy while protecting the environment and setting up economic opportunities for the communities where the projects are located. “Citicore Power saw an opportunity to develop clean energy from renewable sources that will invigorate the country’s energy mix. Through the projects, the company aims to provide an answer to the increasing demand for power in the Philippines,” said Manolo Candelaria, CPI executive vice president  for Commercial and Development Operations. 

The company is aiming to be one of the leading players in the renewable-energy (RE) sector. Its planned 2,300 MW of hydropower capacity is expected to be generated from the five plants, which are scattered across Southern Luzon.

With its existing 100-MW capacity from solar-power projects, CPI is broadening its horizon by also looking at opportunities in other types of RE development. “We remain committed to explore more projects not just in solar and hydro power, but also in other forms of renewable-energy sources, such as wind and biomass,” Candelaria said.

In close partnership with PhilHydro Association Inc., the company will participate in the second Philippine Hydro Summit and Exhibition on July 12 and 13 at the Makati Diamond Residences. The event, organized by PhilHydro Association and the DOE, targets to promote and educate the public about hydropower developments and its viability in the Philippine setting. CPI is a subsidiary of Citicore Holdings Investment Inc.