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Sungrow and CREC Sign Landmark 1.5 GWh Battery Energy Storage Agreement in the Philippines

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Sungrow and CREC Sign Landmark 1.5 GWh Battery Energy Storage Agreement in the Philippines
Business

Business

Sungrow and CREC Sign Landmark 1.5 GWh Battery Energy Storage Agreement in the Philippines

2024-12-06 21:29 Last Updated At:21:45

The largest BESS supply agreement in Southeast Asia to date

HEFEI, China, Dec. 6, 2024 /PRNewswire/ -- Sungrow, the global leading PV inverter and energy storage system provider, announced the signing of a landmark agreement with Citicore Renewable Energy Corporation (CREC) for 1.5 GWh Battery Energy Storage (BESS). This collaboration marks the largest BESS supply agreement in Southeast Asia to date. The cutting-edge energy storage solutions will be integrated into CREC's solar power projects, enhancing the efficiency and sustainability of renewable energy in the Philippines.

Under the agreement, CREC will procure 1.5 GWh of Sungrow's state-of-the-art BESS technology, which will also be supported by engineering and construction design services to ensure seamless integration with CREC's solar facilities. 

Advancing Energy Efficiency and Grid Stability

The project features a photovoltaic installed capacity of 302MWp. During the peak period of the day, all the electricity cannot be fully transmitted to the National Grid Corporation of the Philippines (NGCP), resulting in a large amount of abandoned light. Configuring Sungrow's advanced PowerTitan2.0 energy storage system will enable the surplus electricity to be stored during the day and dispatched to the grid at night. This innovative approach minimizes energy wastage, enhances renewable energy utilization, and maximizes project investment returns.

The energy storage solution also addresses critical challenges in grid stability:

Unprecedented Delivery Timeline

Typical overseas projects usually take 6 months from signing to delivery. However, for this CREC project, the lead time is only 2 months from the agreement signing to the shipment of the 1st batch, which is almost impossible to achieve. Leveraging Sungrow's extensive expertise in delivering utility-scale projects, the PowerTitan 2.0 system, featuring an AC-DC integrated design,  underwent pre-installation and pre-commissioning for immediate grid connection on-site. Furthermore, supported by the professional project management team and delivery team, Sungrow can achieve the delivery and satisfy the customer's demand in such a 'rush hour'.

"The immediate development of battery energy storage systems is a necessary step to fulfill the maximum potential of our renewable energy facilities. With these installed together with our solar facilities, we will be able to provide needed power at any point of day or night," said CREC President and CEO Oliver Tan.  

"We are happy to support CREC in its goals to advance energy storage systems in the Philippines, and through our technology, we will be able to help CREC and the Philippines with its power needs," stated Sungrow VP of PV&ESS Shawn Shi. 

About CREC 

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). For more information, please visit www.crec.com.ph

About Sungrow 

Sungrow, a global leader in renewable energy technology, has pioneered sustainable power solutions for over 27 years. As of June 2024, Sungrow has installed 605 GW of power electronic converters worldwide. The Company is recognized as the world's No. 1 on PV inverter shipments (S&P Global Commodity Insights) and the most bankable Asian energy storage company (BloombergNEF). Its innovations power clean energy projects in over 170 countries, supported by a network of 490 service outlets guaranteeing excellent customer experience. At Sungrow, we're committed to bridging to a sustainable future through cutting-edge technology and unparalleled service. For more information, please visit www.sungrowpower.com

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Sungrow and CREC Sign Landmark 1.5 GWh Battery Energy Storage Agreement in the Philippines

Sungrow and CREC Sign Landmark 1.5 GWh Battery Energy Storage Agreement in the Philippines

Sungrow and CREC Sign Landmark 1.5 GWh Battery Energy Storage Agreement in the Philippines

Sungrow and CREC Sign Landmark 1.5 GWh Battery Energy Storage Agreement in the Philippines

PORT VILA, Vanuatu, Feb. 15, 2025 /PRNewswire/ -- Vantage Markets is proud to announce its success at the 5th Annual Business Tabloid Awards, held on 23rd January 2025 in Dubai. The Annual Business Tabloid Awards celebrate outstanding achievements across industries, including banking, finance, technology, and leadership. Winners are selected by a panel of industry experts, who evaluate nominees based on innovation, performance, and impact. Receiving three awards at this distinguished event reflects Vantage's global commitment to excellence in the financial services industry.

The event brought together industry leaders and influencers to celebrate excellence across various sectors, including banking, finance, technology, and trading. The evening commenced with a networking session, providing an invaluable opportunity for professionals to connect and exchange insights. Followed by the award presentation ceremony, where Vantage was honored for its excellence, reflecting its commitment to providing quality trading solutions.

Marc Despallieres, CEO of Vantage Markets, shared his thoughts on the achievement: "Winning these three awards at the Business Tabloid Awards is a testament to our commitment to excellence, innovation, and client-centricity. These accolades reflect the hard work of our team and the trust our clients place in us. We are proud to have been recognized for our excellence in APAC, LATAM, and MENA, reflecting our commitment to empowering our traders."

As Vantage continues to expand its presence and deliver value to its clients, the company is committed to maintaining its reputation for excellence and innovation.

For more information on Vantage's award-winning services, visit Vantage Markets.

About Vantage

Vantage Markets (or Vantage) is a multi-asset CFD broker offering clients access to a nimble and powerful service for trading Contracts for Difference (CFDs) products, including Forex, Commodities, Indices, Shares, ETFs, and Bonds.

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Important Notice: This article is for informational purposes only and does not constitute an offer or solicitation of Vantage's services in any jurisdiction. Vantage's services may not be available in all regions mentioned and are subject to strict regulatory requirements. Before engaging with our services, please check your local regulations to ensure you are eligible to access our products and services in your region.

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** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Vantage Honored with Three Prestigious Awards at the 5th Annual Business Tabloid Awards

Vantage Honored with Three Prestigious Awards at the 5th Annual Business Tabloid Awards

Vantage Honored with Three Prestigious Awards at the 5th Annual Business Tabloid Awards

Vantage Honored with Three Prestigious Awards at the 5th Annual Business Tabloid Awards

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