Citicore Renewable Energy Corp. (CREC), Security Bank Corp., and Security Bank Capital Investment Corp. has signed a PHP 4.4 billion project finance loan facility for a 125 MW solar project in the Philippines.
CREC is building the Citicore Solar Pangasinan project in Santa Barbara on the island of Luzon. The Philippines’ Department of Energy (DOE) issued the project a Certificate of Energy Project of National Significance (CEPNS), requiring completion before year end.
CREC is developing two other projects in Santa Barbara: the under-construction Citicore Solar Pangasinan 2 and a wind power plant in early development.
The Philippine government awarded all three projects in the nation’s second renewables auction in 2023 and signed 20-year offtaker agreements for them.
CREC targets 5 GW of project deployment within five years. In June, Indonesia’s Pertamina NRE, a subsidiary of state-owned PT Pertamina, acquired a 20% stake in CREC.
The first megawatt-scale floating solar plant in the Philippines reached completion earlier this month. German solar company ib vogt began developing a 99 MW solar project in the country’s south.
The International Renewable Energy Agency (IRENA) reported that the Philippines’ cumulative solar capacity exceeded 2.9 GW at the end of 2024.
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