Citicore Renewable Energy Corp. (CREC) has secured funding from the investment banking arm of the Rizal Commercial Banking Corp. (RCBC) for its solar power programs.
CREC said the package arranged by RCBC Capital Corp. is seen reaching P20 billion, starting with an initial tranche of P9 billion.
The company said the package is believed the first of its kind in the Philippines covering various project portfolios instead of the typical per-project financing structure.
The transaction will fund the construction of a solar energy facility generating up to 1,000 megaWatts.
An initial P9 billion will fund the development of solar power plant projects in Batangas, Pampanga and Negros Occidental.
Proceeds from subsequent tranches will secure the completion of solar projects that CREC has reported in various stages of development.
Oliver Tan, CREC president and chief executive officer, said the support from RCBC will help the company achieve its target installed capacity of 1,000 MW this year.
CREC said its solar projects in Batangas, Pampanga and Negros Occidental are integral to its goal of constructing 1,000 MW of ready-to-build and under-construction solar energy capacity each year over the next five years.
Phases 1 and 2 of CREC’s Negros Occidental project is seen commercially operational in September 2024 and 2025, respectively.
The projected commercial operations of its Batangas and Pampanga projects are scheduled for December this year and in 2025, respectively.
The CREC’s power projects include the 60-MW solar farm in Toledo, Cebu, the 22-MW facility in Clark, Pampanga, the 18-MW plant in Mariveles, Bataan, and 15-MW in San Ildefonso, Bulacan, among others.
