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CITICORE Renewable Energy Corp. (CREC) has secured a ₱4.05-billion project finance loan from the Land Bank of the Philippines (LandBank) to fund the construction of two solar power projects with battery energy storage systems in Pampanga and Nueva Ecija, strengthening the company’s renewable energy expansion while supporting the country’s transition to cleaner power.
The financing will cover the development of two 41-megawatt-peak (MWp) solar power plants, each paired with a 53-megawatt-hour (MWh) battery energy storage system. Once completed, the facilities will contribute a combined 82 MWp of solar generation capacity and 106 MWh of battery storage to CREC’s growing renewable energy portfolio.
The projects will be developed through the company’s subsidiary, Citicore Solar Embedded Inc. (CS Embedded), under an embedded generation model that directly connects the solar facilities to local distribution utilities.
Cleaner And More Reliable Power
CREC said the electricity generated by the projects will be supplied to Pampanga I Electric Cooperative and San Jose City Electric Cooperative in Nueva Ecija, with the direct connection expected to reduce system losses, improve grid efficiency and potentially lower electricity costs for consumers.
The setup is also expected to help the two distribution utilities comply with the Renewable Portfolio Standards, which require electric cooperatives and distribution utilities to source a prescribed portion of their electricity requirements from renewable energy.
“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. We are fully committed to ensuring our rural communities benefit from a cleaner, more secure energy grid,” LandBank President and Chief Executive Officer Lynette V. Ortiz said.
Public-Private Partnership
CREC President and Chief Executive Officer Oliver Y. Tan said the financing would accelerate the completion of the two renewable energy projects while highlighting the importance of collaboration between the government and private sector in advancing the country’s energy transition.
“Our vision aligns with LandBank’s commitment to sustainable nation-building,” Tan said.
He added that the partnership underscores the role of public-private cooperation in helping achieve the Department of Energy’s target of increasing renewable energy’s share in the country’s power generation mix to 50 percent by 2040.
The Pampanga project will further strengthen CREC’s presence in the province, where it already operates 115-MW and 42-MW solar farms in the Arayat-Mexico area. Meanwhile, the Nueva Ecija development will mark the company’s first renewable energy project in the province.
Expanding Portfolio
The latest financing forms part of CREC’s broader expansion strategy as it continues to grow its renewable energy assets across the country.
The company currently has 587 MW of installed renewable energy capacity and 760 MWh of battery storage capacity nationwide. Its portfolio spans renewable energy generation, project development and retail electricity supply.
CREC is targeting about 5 gigawatts (GW), or 5,000 MW, of renewable energy capacity by 2028, with plans to invest about $2 billion this year to support the rollout of more than 1 GW of new solar power projects.
In addition to its solar expansion, the company is also advancing a 3,000-MW wind project pipeline over the medium to long term as it broadens its renewable energy portfolio.
Shares of Citicore Renewable ended Wednesday’s trading session higher, gaining ₱0.11 or 2.51 percent to close at ₱4.50 apiece.
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