Citicore Renewable Energy Corp. (CREC) secured a P4.4 billion project finance loan to support the development of its 125-megaWatt-hour Citicorp Solar Pangasinan project. The loan for the solar project in Santa Barbara was secured in partnership with Security Bank Corp. and Security Bank Capital Investment Corp.
“Project finance is key to realizing the renewable energy transition,” said Oliver Tan, president and chief executive officer of CREC. “With partners like Security Bank, projects like CS Pangasinan can move faster and mitigate risks, driving our collective push for sustainability.”
A ceremonial signing was recently held, attended by Tan, CREC chief finance officer Lucia Roderos, Security Bank SVP and Corporate Banking Head Yvonne Joanna P. Marcelo, and Security Bank Capital President and CEO Virgilio O. Chua, among other key officials.
CS Pangasinan, one of CREC’s flagship projects, contributes to the company’s “5GW in 5 years” goal. Currently under construction, it has received a Certificate of Energy Project of National Significance (CEPNS) from the Department of Energy, facilitating a faster development timeline for completion before year-end.
The solar farm is one of three CREC projects in Pangasinan, alongside Citicore Solar Pangasinan 2 in Binalonan and Citicore Wind Pangasinan. All three secured 20-year offtake contracts through the DOE’s Green Energy Auction Program (GEAP)-2 in 2023.
