Citicore Renewable Energy Corp. (CREC) has secured a P4.05-billion project finance loan from Land Bank of the Philippines to build two embedded solar power projects in Central Luzon, expanding clean energy capacity while helping electric cooperatives deliver more reliable and potentially cheaper electricity.
The financing will fund two 41-megawatt-peak solar plants equipped with battery energy storage systems totaling 106 megawatt-hours in Pampanga and Nueva Ecija. Together, the facilities will add 82 MWp of solar capacity to CREC’s renewable energy portfolio.
Unlike conventional utility-scale solar farms that feed power into the national grid, the projects will connect directly to the distribution networks of Pampanga I Electric Cooperative (PELCO I) and San Jose City Electric Cooperative (SAJELCO).
The embedded generation model is expected to reduce transmission losses, improve grid stability and help electric cooperatives comply with the Renewable Portfolio Standards while lowering the cost of delivering electricity to consumers.
“Our vision to Power a First World Philippines aligns with LANDBANK’s commitment to sustainable nation-building,” CREC President and Chief Executive Officer Oliver Tan said, adding that the projects support the Department of Energy’s target of raising renewable energy’s share in the country’s power generation mix to 50 percent by 2040.
For LANDBANK, the financing underscores its growing role in supporting investments that advance both energy security and environmental sustainability.
The Pampanga facility expands CREC’s renewable energy footprint in one of Central Luzon’s fastest-growing provinces, while the Nueva Ecija project marks the company’s first investment in the province.
The transaction also reflects a broader shift in the power sector toward distributed generation, where electricity is produced closer to end users rather than transmitted over long distances. As renewable energy developers increasingly partner with electric cooperatives, embedded solar is emerging as a practical solution for improving grid resilience, reducing system losses and expanding access to cleaner energy, particularly in rapidly growing regional markets.
