CREC gets P4 billion loan from Landbank

MANILA, Philippines — Saavedra-led Citicore Renewable Energy Corp. (CREC) has secured P4.05 billion in financing from state-run Land Bank of the Philippines for its two integrated solar projects in Pampanga and Nueva Ecija.

The funding will support the development of two 41-megawatt-peak solar facilities paired with 53-MW-hour battery energy storage systems by Citicore Solar Embedded Inc.

The projects are embedded within the distribution networks of the Pampanga I Electric Cooperative and the San Jose City Electric Cooperative.

Since they are directly connected to the distribution utilities, the integrated solar facilities are expected to reduce system losses and bring down electricity costs for consumers.

They will also help the power utilities meet their clean energy sourcing requirements under the government’s Renewable Portfolio Standards.

CREC president and CEO Oliver Tan said the Landbank financing would enable the company to accelerate the delivery of clean power projects and advance the country’s energy transition push.

Under the Philippine Energy Plan, the government aims to expand the share of renewables in the power mix to 35 percent by 2030 and 50 percent by 2040 from the current 25 percent.

“Our partnership with CREC reflects Landbank’s commitment to financing transformative projects that expand access to reliable power, create opportunities and accelerate the country’s green transition,” Landbank president and CEO Lynette Ortiz said.

The Pampanga project further expands CREC’s presence in the province following its 115-MW and 42-MW solar farms in Arayat-Mexico.

The Nueva Ecija project, meanwhile, marks the company’s first venture into the province.

By 2028, CREC aims to reach five gigawatts in attributable renewable electricity capacity.