Citicore Renewable Energy Corporation (CREC) gets votes of confidence for the syndicated project financing for P35.014 billion from the Bank of the Philippine Islands (BPI), Land Bank of the Philippines (LANDBANK), and the Development Bank of the Philippines (DBP) for the construction of five solar projects in Batangas.
This marks Citicore Renewables’ largest syndicated financing to date as the company is set to support the development of 900 MWp of additional solar capacity and 120 MWh of integrated battery energy storage systems.
The five projects comprise two 300-MWp solar plants, and three 100-MWp solar plants each integrated with a 40-MWh battery energy storage system (BESS). Offtake for the entire capacity has been awarded under the Department of Energy’s Green Energy Auction Program Round 4 (GEA-4).
These projects will further expand Citicore Renewables’ presence in Batangas, building on its existing capacities of 374 MWp of solar and 560 MWh of BESS, with another 198 MWp of solar nearing completion. This expansion reinforces Citicore Renewables’ strategy of clustering projects to support more efficient project development and execution.
The participation of BPI, LANDBANK, and DBP in Citicore Renewables’ largest syndicated financing to date reflects confidence in the company’s execution track record and the viability of its growing renewable energy portfolio. The financing also highlights the role of major Philippine banks in enabling the delivery of large-scale renewable energy projects.
"Securing P35.014 billion financing is an important milestone for Citicore Renewables as we accelerate the delivery of our renewable energy pipeline. Projects of this scale require strong execution and the right financial partners, and we are deeply grateful to have BPI, LANDBANK and DBP alongside us. Ultimately, our goal goes beyond building capacity. We want to help shape the future of renewable energy in the Philippines," said CREC President and CEO Oliver Tan.
"This financing demonstrates how strong partnerships can mobilize capital for the country’s renewable energy goals. LANDBANK remains committed to financing strategic clean energy infrastructure that strengthens energy security, supports the transition to a low-carbon economy, and advances sustainable economic growth for the country," said LANDBANK President and CEO Lynette V. Ortiz.
"BPI is committed to financing renewable energy projects that strengthen the country’s energy security and support a more sustainable future. Through these investments, we aim to advance sustainable progress and help build a better Philippines – one family, one community at a time," said Louie Cruz, BPI Institutional Banking Head.
"These initiatives are closely aligned with DBP's developmental mandate, particularly our commitment to financing environmentally sustainable and climate-resilient infrastructure. As a government financial institution, we recognize the vital role that renewable energy investments play not only in addressing the country's growing energy requirements but also in generating economic opportunities and supporting long-term national development," said Senior Vice President Abener M. Balatbat, Head of DBP Corporate Banking Group.
The five new solar projects are expected to generate approximately 1,300 gigawatt-hours (GWh) of clean electricity annually, enough to power roughly 550,000 Filipino households, while avoiding an estimated 850,000 tonnes of carbon dioxide emissions each year. The projects are also expected to create local employment opportunities during construction and operations.
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