Citicore secures $65.7m financing for twin solar‑plus‑storage projects in PH

The loan funds two 41-MWp solar plants with 106 MWh of battery storage.

Citicore Renewable Energy Corporation (CREC) has signed a $65.69m (PHP4.05b) project finance loan from the Land Bank of the Philippines (LANDBANK) on 14 July, to fund two solar power projects in Pampanga and Nueva Ecija.

The financing will support the development of two 41-megawatt-peak (MWp) solar power plants, each paired with a 53-megawatt-hour (MWh) battery energy storage system under Citicore Solar Embedded, Inc.

Once completed, the projects will add a combined 82MWp of solar capacity and 106MWh of battery storage to the group's installed capacity.

The financing will support the development of the projects in partnership with Pampanga I Electric Cooperative and San Jose City Electric Cooperative.

The solar plants will connect directly to the two distribution utilities under the company's embedded solar business model introduced in 2025.

CREC said the projects could reduce system losses, lower electricity costs for end users, and help the distribution utilities meet renewable energy sourcing requirements under the Renewable Portfolio Standards.

"This collaboration also underscores the critical role of public-private partnerships in advancing the Department of Energy's target of increasing renewable energy's share in the country's power generation mix to 50% by 2040," said Oliver Tan, President and CEO of CREC.

The Pampanga project will expand CREC's presence in the province, where it operates 115-megawatt (MW) and 42MW solar farms in Arayat-Mexico. The Nueva Ecija development will mark the company's first project in the province.

Landbank said the partnership reflects its support for investments that promote economic growth and environmental sustainability.

(US$1 = PHP61.65)