Philippines secures financing for 125 MW Citicore solar project

Citicore Renewable Energy Corp. (CREC), Security Bank Corp., and Security Bank Capital Investment Corp. have signed a PHP 4.4 billion (US$77.5 million) project finance loan facility for a 125 MW solar project in the Philippines.

CREC is currently developing the Citicore Solar Pangasinan project in Santa Barbara, Luzon, which has been granted a Certificate of Energy Project of National Significance (CEPNS) by the Department of Energy, mandating its completion by the end of the year. Alongside this flagship initiative, CREC is also advancing two additional projects in the same area: the Citicore Solar Pangasinan 2, now under construction, and a wind power facility that is in its early planning stages.

All three projects were granted through the Philippines’ second Green Energy Auction in 2023, with the government signing 20-year power supply agreements for each. CREC has set an ambitious goal of deploying 5 GW of renewable capacity within five years, a plan further strengthened in June when Pertamina NRE, the renewable energy arm of Indonesia’s state-owned PT Pertamina, acquired a 20% equity stake in the company. Meanwhile, the country’s clean energy sector continues to expand, with the first utility-scale floating solar plant recently completed and Germany’s ib vogt advancing a 99 MW solar project in the southern Philippines.