CREC taps Chinese firm for 2-GW solar modules
Edgar Saavedra-led firm Citicore Renewable Energy Corp. (CREC) inked a deal with a Chinese firm Trinasolar for the supply of modules that could support its expansion in the clean energy market.
In a disclosure to the local bourse on Tuesday, the firm said it was its largest contract yet as it involves a 2-gigawatt (GW) module supply.
CREC declined to disclose the value of the transaction.
“With our first gigawatt nearing completion, we are now paving the way for our next 2 gigawatts of solar projects through this newest supply contract with Trinasolar,” said CREC president and chief executive officer Oliver Tan.
“Our continuing partnership—now totaling 3 GW—underscores our commitment to efficiency and innovation in powering a ‘First World’ Philippines with pure renewable energy,” he added.
The company targets to expand its renewables portfolio to 5 GW in five years. Currently, its installed capacity stands at 285 megawatts from its 10 solar power facilities.
A top executive from Trinasolar said the deal would speed up the rollout of solar projects in the country.
“Citicore is an invaluable partner in our mission to advance renewable energy, and we are honored to support their ambitions with our cutting-edge solar solutions. Together, we’re not only meeting the Philippines’ energy needs but also setting a new benchmark for sustainable progress in the region,” said Trinasolar executive president, Helena Li.
Trinasolar, listed on the Shanghai Stock Exchange, has been providing solar modules, smart solutions for energy storage, smart microgrid and the development and sales of multi-energy systems.
Aside from solar developments, CREC also teamed up with a Singaporean firm backed by UK infrastructure investor Actis for wind projects. The company, through its subsidiary Citicore Wind Energy Corp., said it was pursuing a joint venture with Levanta Renewables, a renewable energy firm focused on Southeast Asian markets.
