Citicore Renewable Energy Corp. (CREC) is poised to complete the first phase of its 125-megawatt (MW) solar project in Sta. Barbara, Pangasinan by the end of 2025, reinforcing its aggressive five-year renewable energy expansion strategy.
The project’s timely completion is underpinned by a ₱4.4 billion project finance loan secured in March from Security Bank Corp. and its investment arm, Security Bank Capital Investment Corp. CREC President and CEO Oliver Tan emphasized the importance of such financial partnerships in accelerating the country’s renewable energy transition.
“Project finance is key to realizing the renewable energy transition,” Tan said, noting the critical role of industry cooperation in achieving sustainability targets.
The Sta. Barbara solar facility, dubbed Citicore Solar Pangasinan, is among CREC’s flagship projects under its “5 GW in 5 Years” roadmap. Once completed, it will contribute to CREC’s broader goal of reaching 1,200 MW of project capacity by year-end—significantly up from its current operational portfolio of 285 MW across 10 solar assets nationwide.
The project has been granted a Certificate of Energy Project of National Significance (CEPNS) by the Department of Energy, streamlining permits and approvals necessary for completion this year.
CREC has earmarked over ₱35 billion in capital expenditure this year, with ongoing development spanning solar, hydro, and wind energy. Its medium- to long-term pipeline includes 3,000 MW of wind generation capacity and a cumulative solar target of 5,000 MW by 2028.
