Citicore seals power supply deal with water management solutions provider

Citicore Renewable Energy Co. (CREC) said Wednesday it would supply one megawatt of renewable energy to Cebu-based water management solutions provider JE Hydro and Bio Energy Corp. (JEHBEC).

The deal was signed under the government’s Green Energy Option Program (GEOP), which allows end users to source their electricity requirements from preferred renewable energy sources.

JEHBEC, a bulk water provider of the Metropolitan Cebu Water District (MCWD), has opted to tap renewable energy suppliers, such as CREC’s solar plant in Toledo City, Cebu, to supply their power needs.

A Filipino-owned company based in Cebu, JEHBEC is a competitive player in the water treatment industry, providing advanced end-to-end water solutions. The company designs, develops, operates, and maintains bulk water treatment facilities using innovative digital systems in Iloilo, Bukidnon, Leyte, Bohol and Cagayan de Oro City, among others.

Citicore Solar Toledo, the largest solar plant in the Visayas, is one of 10 solar facilities operated by CREC, the sponsor company of the country’s first energy-themed REIT, Citicore Energy REIT, Corp. (CREIT)

“Our shared vision in delivering more sustainable basic utilities to the Filipino people will help empower more communities and address the gaps in the water and energy supply situation across the country,” said the CREC and CREIT president and CEO Oliver Tan.

CREC’s continued expansion and diversification of its customer base are consistent with its long-term plan to increase usage in the country and toward its goal of a net zero carbon future.
With the company’s plan to grow its capacity by five times to 1,500 MW in the next five years, CREC will have a steady pipeline of renewable energy sources available for offtake agreements with existing and new customers.

“CREC’s larger capacity and wider customer base will also augur well for CREIT, as most of these assets are programmed to be infused into the REIT Co. in the next five years, supporting a sustainable and growing revenue base,” added Tan.