Citicore Renewable Energy Corp. (CREC) has agreed to supply Clark Electric Distribution Corp. (CEDC) an initial 7.5 megawatts (MW) worth of electricity.
Under the agreement, CREC will supply CEDC’s local retail electricity supplier Cogent Energy with electricity from CREC’s Tarlac solar power plants.
The contract runs until December 2024 when CREC’s upcoming Bato solar power plant in Palauig, Zambales commences commercial operations.
When this happens, the partnership transitions to a 10-year power supply contract providing 30 MW of CEDC’s electricity needs.
Earlier, CREC secured financing of $100 million for Citicore Solar Energy Corp. from Pentagreen Capital (Pentagreen), a sustainable infrastructure debt financing vehicle established by HSBC and Temasek.
The $100 million mezzanine construction green loan facility commits an initial tranche of $30 million for a portfolio of six solar power projects with capacity of 490 MW across Luzon.
CREC said the initial funding will enable the company to allocate capital efficiently and accelerate the development of its project pipeline and the planned roll out of 1,000 MW of RE capacity each year in the next five years.
The initial tranche will also provide funding for the construction of four greenfield projects and two more that have been recently completed.
