Citicore secures P3.9-billion loan for solar expansion

MANILA, Philippines — Saavedra-led Citicore Renewable Energy Corp. (CREC) has tapped a P3.98-billion loan from Bank of the Philippine Islands (BPI) to advance the completion of its utility-scale solar farm in Pangasinan.

The project financing will support the development of the 113-megawatt (MW)-peak Citicore Solar (CS) Pangasinan 2 in the municipality of Binalonan, which CREC aims to finish by year-end.

“With BPI partnering with us through this project finance agreement, we strengthen our ability to deliver on our commitments and continue championing renewable energy in the country,” CREC president and CEO Oliver Tan said.

Backed by roughly P5.7 billion in investments, CS Pangasinan 2 has been certified as a project of national significance, paving the way for faster permitting and licensing.

“By supporting CREC, we are enabling investments that not only deliver clean energy solutions but also create lasting positive impact for the communities,” said Louie Cruz, institutional banking head at BPI.

For this transaction, BPI Capital Corp. acted as the sole lead arranger.

“Accelerating projects of this magnitude is a key strategic contribution in achieving the renewable energy target in the Philippine Energy Plan,” BPI Capital president Lester Ong said.

CS Pangasinan 2 is among three CREC projects in the province, joining CS Pangasinan in Santa Barbara — currently under construction — and Citicore Wind Pangasinan, now in its early development phase.

All three projects secured a 20-year offtake contract with the government through the Department of Energy’s second green energy auction round in 2023.

They are poised to move CREC closer to its goal of reaching its first gigawatt by 2025, supporting a broader ambition to scale up to five GW within five years.

Currently, the company operates a portfolio of at least 13 solar assets with an aggregate capacity of 587 MW.