Citicore backs RE bid with BESS
‘(We will bid for) solar and I believe the DoE (Department of Energy) will include solar and BESS so that will also be another technology that we are interested in and (also) onshore wind’
Daily Tribune‘(We will bid for) solar and I believe the DoE (Department of Energy) will include solar and BESS so that will also be another technology that we are interested in and (also) onshore wind’
Bourse’s fresh entry Citicore Renewable Energy Corp. (CREC) is eyeing to venture into battery energy storage system (BESS) development to support its bid to become the country’s leading industry players.
Speaking to reporters after the company’s listing ceremony last Friday, CREC president Oliver Tan said considering bidding for the BESS, solar, and onshore energy technologies at the upcoming fresh round of the government’s Green Energy Auction Program (GEA-3) this August.
“(We will bid for) solar and I believe the DoE (Department of Energy) will include solar and BESS so that will also be another technology that we are interested in and (also) onshore wind,” Tan said.
The DoE is scheduled to proceed with the conduct of the GEA-3 involving 4,399 megawatts (MW) of total capacity in August.
The GEA-3 will specifically cater mostly to non-feed-in-tariff (FIT) eligible renewable energy technologies including geothermal, impounding hydro, and pumped-storage hydro.
Hydro FIT eligible
Additionally, the run-of-river hydro which is an eligible technology for FIT, will also be included.
The GEA-3 supports the government’s target to increase the share of renewable energy in the power generation mix to 35 percent by 2030 and 50 percent by 2040.
To date, CREC has 285 MW of installed capacity.
Under a five-year plan, CREC aims to contribute approximately 1,000 MW of ready-to-build/under-construction solar energy capacity in the Philippine energy mix per year — equivalent to approximately 5,000 MW by 2028.
CREC completed its offering of 1.78 billion common shares, with a 10 percent over-allotment option of up to 178 million secondary common shares at P2.70 per share.
As of 7 June, CREC shares listed 8.92 billion common shares with the offering representing 22 percent of its total outstanding shares with a market capitalization of P24.10 billion.
