Citicore Renewable Energy Locks in Supply Deal with 2GW of Solar Modules with Trinasolar

Leading Philippine renewable energy developer Citicore Renewable Energy Corporation (CREC) held a ceremonial signing for a 2-gigawatt (GW) module supply contract with Trinasolar, a global leader in smart PV and energy storage solutions, on 11 November 2024 in Manila – the largest contract between the two companies.

Under the module supply contract, Trinasolar will supply Vertex N 720W Series (NEG21C.20) solar modules to CREC to be used for the latter’s roll out of its next 2GW of capacity and part of the company’s readiness to implement the Philippines government’s priority renewable energy programs including projects under the Green Energy Auction. These are part of CREC’s goal to deliver 5GW of renewable energy capacity in 5 years.

The agreement was signed by Helena Li, Executive President of Trinasolar and Oliver Tan, CREC President and CEO. The signing was witnessed by Alreetz Santander, President of Citicore Construction; Lucia Roderos, Citicore Group CFO; Todd Li, President of Trinasolar Asia Pacific; and Elva Wang, Trinasolar Group Director for South, Southeast, and Central Asia.

“With our first gigawatt nearing completion, we are now paving the way for our next two gigawatts of solar projects through this newest supply contract with Trinasolar. Our continuing partnership – now totaling 3GW – underscores our commitment to efficiency and innovation in powering a First-World Philippines with pure renewable energy,” said CREC President and CEO Oliver Tan.

"This 2GW supply contract, our largest in the Philippines to date, highlights the deep trust and shared vision between Trinasolar and Citicore. 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’s Vertex N 720W Series employs an industry-leading 210mm platform and n-type i-TOPCon Advanced cell technology which has a higher efficiency compared to p-type models. These high power, low voltage panels provide better Leverage Cost of Energy (LCOE) – ultimately maximizing energy efficiency and yield,and ensuring long-term reliability.

By combining Trinasolar’s innovative solar technology with CREC’s extensive expertise in the Philippine solar generation landscape, the continued partnership aims to accelerate the development of solar power and contribute to powering a greener and more sustainable Philippines.

Citicore Renewable Energy Corporation (CREC) is a publicly listed, leading pure-play renewable energy company committed to the development and operation of solar, hydro and wind projects in the Philippines. CREC, directly and through its subsidiaries and joint venture, manages a diversified portfolio of renewable energy generation projects, engages in power project development operations, and participates in retail electricity supply. CREC is also the sponsor of the Philippine’s first and largest renewable energy REIT, Citicore Energy REIT (CREIT).

Founded in 1997, Trinasolar Co., Ltd. (stock symbol: Trinasolar; stock code: 688599) is mainly engaged in PV products, PV systems and smart energy. PV products include R&D, production and sales of PV modules. PV systems consist of power stations and system products. Smart energy mainly comprises PV power generation and operation & maintenance, smart solutions for energy storage, smart microgrid, and development and sales of multi-energy systems. With the strategic goal of “Creating a new industrial ecosystem led by Trinasolar, and promoting Trinasolar as a leader in smart PV and energy storage solutions ", we are committed to leading the way in smart PV and energy storage solutions and facilitating the transformation of new power systems for a net-zero future. On June 10, 2020, Trinasolar was listed on the Science and Technology Innovation Board (STAR Market) of the Shanghai Stock Exchange (SSE). It is the first PV and energy storage company that has gone public on the STAR Market providing PV products.