CREC secures PHP 4.4b financing for 125 MW solar project in PH

This is one of the company’s priority projects for its five-year goal.

Citicore Renewable Energy Corporation (CREC) has secured a PHP 4.4b loan facility for a 125 megawatt-peak (MWp) solar project in the Philippines.

In a bourse filing, the company said the loan agreement was signed with Security Bank Corporation and Security Bank Capital Investment Corporation. This will finance the completion of CREC’s 125 MWp Citicore Solar Pangasinan project in Sta. Barbara, Pangasinan.

"Project finance is key to realizing the renewable energy transition, with projects like CS Pangasinan able to move faster and mitigate risks with the support of partners like Security Bank, who understand that sustainability requires cooperation between industries." said Oliver Tan, CREC President and CEO.

Citicore Solar Pangasinan is one of CREC’s priority projects in its first of five gigawatts in five years goal. Currently under construction, the project received a Certificate of Energy Project of National Significance from the Department of Energy, accelerating the process needed for its completion before year-end.