Citicore Renewable Energy Corp. has secured a P4.05 billion project financing facility from the Land Bank of the Philippines to push forward two solar power projects with integrated battery storage under its unit Citicore Solar Embedded Inc. The agreement was announced in a joint statement on Wednesday.
The funds will cover development costs for two facilities, each with 41 megawatts of solar capacity and 53 megawatt-hours of battery energy storage, located in Pampanga and Nueva Ecija. Once finished, the projects will add 82 megawatts of generating capacity and 106 megawatt-hours of storage to Citicore’s portfolio. The Pampanga plant builds on the company’s existing 157 megawatts of solar investments in the province, while the Nueva Ecija facility marks its first venture into that area.
Both plants will connect directly to local electric cooperatives under a business model Citicore introduced last year. This setup is expected to cut power system losses, reduce consumer costs, and help distribution firms meet mandatory renewable energy sourcing requirements under the country’s Renewable Portfolio Standards.
Citicore president and chief executive Oliver Tan noted the partnership will speed up efforts to raise renewable energy’s share in the national power mix to 50 percent by 2040, as targeted by the Department of Energy, while delivering long-term benefits to local communities. Land Bank president and chief executive Lynette Ortiz said the deal reinforces the bank’s support for projects that drive both economic growth and environmental progress, ensuring rural areas gain access to cleaner, more stable power supplies.
Citicore operates 587 megawatts of renewable energy capacity nationwide, backed by 760 megawatt-hours of battery storage. Its portfolio includes solar, hydropower and wind projects, with plans to develop up to 5,000 megawatts of solar capacity by 2028 and around 3,000 megawatts of wind power over the medium to long term.
