Citicore bags over 900 MW in RE projects via DoE’s green energy auction

CITICORE Renewable Energy Corp. (CREC) has secured more than 900 megawatts (MW) of renewable energy (RE) projects through the Department of Energy’s (DoE) green energy auction program, the company said on Thursday.

In a media release, CREC said that it was awarded a total capacity of 916 MW, which will enable the company to deliver approximately 1,000 MW of generating capacity in the next five years.

The Energy department reported that the green energy auction program generated a total of 3,440 MW of renewable energy capacity, significantly lower than the 11,600 MW capacity offered.

These projects are scheduled for development and installation between 2024 and 2026.

The GEA program aims to promote renewables as the primary source of energy through competitive selection.

The DoE has said that the green energy program will help achieve the government’s goal of increasing the share of renewables in the energy mix to 35% by 2030 and 50% by 2040.

In a separate announcement, Alternergy Holdings Corp. confirmed securing three projects under the green energy program.

“This is extremely positive news. Winning all the projects we bid for is a game changer for Alternergy. For the next three years, we will be building three projects with 200 MW of contracted capacity, a jump from 80 MW to 384 MW in gross installed capacity in three years,” Vicente S. Perez, Jr., chairman of Alternergy said in a statement.

The renewable energy company said that two of the projects, which are under its project company Alternergy Tanay Wind Corp., have a combined capacity of 140 MW, while its project that secured a winning bid has a capacity of 67 MW for a direct current ground-mounted power project in Tarlac province.

“Having built the country’s earliest wind and solar farms, our management team has strong experience in constructing wind and solar projects. We anticipate there will be challenges but we are excited and ready to proceed with the projects we won under GEA 2,” Mr. Perez said. — Ashley Erika O. Jose