According to a report, China's development of renewable energy has accelerated in 2021, providing a…
By 2030, Citicore plans to diversify its renewable energy initiatives.
To help the nation meet its energy goals for 2030, Citicore Renewable Energy Corp. (CREC) is diversifying its renewable energy projects.
Over the course of the next seven years, according to CREC President and CEO Oliver Tan, the business plans to operate run-of-river hydroelectric plants, offshore wind farms, energy storage systems, and solar power projects.
Tan stated that CREC intends to start up 1 GW of solar projects year until 2027, for a total of 5 GW of installed capacity in just five years.
The corporation will invest USD800 million in capital expenditures for its solar power projects this year, with the majority going to the project in Batangas.
He added that CREC is also in discussions with Chinese vendors to assist the business’s first 25 megawatt-hour battery energy storage system in Silay City, Negros Occidental.
By the beginning of 2024, the energy storage facility will be put into operation.
He continued, “The energy storage system will enhance our 5-GW solar projects.”
Tan also revealed that the RE company has begun constructing its first hydropower project in the province of Isabela. It will be capable of 19.7 MW peak power.
By 2026, the hydro project is anticipated to be finished.
Tan stated that CREC will venture into offshore wind projects when the government refines its regulations to attract investments in offshore wind power resources.
He noted that the Department of Energy has awarded CREC seven service contracts for its offshore wind projects. There will be five in all, with two each in the provinces of Zambales and Guimaras and three in North Luzon.
Tan stated that the energy company aims to run at least two offshore wind projects by 2030, with a total capacity of 700 MW.
In order to support its next renewable energy initiatives, he claimed that CREC is looking for foreign partners.
Because so much money is needed to fund these projects, we are happy to have international partners. We welcome them because the local businesses can’t do it alone. And I believe that working with local businesses will be advantageous for both parties, he continued.***
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