Citicore Power secures hydro contracts
Citicore Power Inc. has secured from the Department of Energy service contracts for five hydro projects in Southern Luzon with an expected combined capacity of 2,300 megawatts.
The contracts authorize CPI to proceed with the pre-development stage of the proposed projects that covers permitting and the conduct of various studies.
The company said that, since these are large-scale projects, pre-development work alone may take three to five years for each facility.
“Citicore Power saw an opportunity to develop clean energy from renewable sources that will invigorate the country’s energy mix,” CPI executive vice president Manolo Candelaria said in a statement.
“Through the projects, the company aims to provide an answer to the increasing demand for power in the Philippines,” said Candelaria, who is in charge of commercial and development operations.
CPI’s portfolio so far includes 100 MW of capacity in solar power projects, but is expanding into other types of renewable energy development.
The company has an 18-MW solar plant in Mariveles, Bataan; 25-MW solar farm in Silay City, Negros Occidental; and 60-MW solar power facility in Toledo City, Cebu.
Last June, the company said it was exploring the hydro power development business as it aims to increase its total rated capacity to 1,000 MW.
“Given that the Philippines is an archipelago offering a large variety of bodies of water, we believe in the enormous potential of natural hydro power sources to produce clean electricity that can energize thousands up to millions of homes across the country,” Candelaria said earlier.
CPI is working with the PhilHydro Association to promote the use and development of hydro sources.
(Article from business.inquirer.net Image from powerphilippines.com)