Citicore Renewable Energy Corp. (CREC) has signed a ₱3.98-billion project finance loan with the Bank of the Philippine Islands to help complete its 113-megawatt Citicore Solar Pangasinan 2 project in Binalonan. BPI Capital Corp. acted as the sole lead arranger.
The solar project is already under construction and has been granted a Certificate of Energy Project of National Significance by the Department of Energy, which fast-tracks regulatory processes. It is one of three CREC developments in Pangasinan, alongside another solar project in Sta. Barbara and a wind project still in early planning.
All three projects fall under capacities awarded to CREC under the second Green Energy Auction in 2023, giving the company a 20-year power supply contract with the government.
CREC president and CEO Oliver Tan said the financing strengthens the company’s push toward its goal of adding 5,000 MW of renewable capacity in five years. BPI institutional banking head Louie Cruz said the bank is committed to supporting clean energy investments with long-term community benefits.
CREC plans to spend over ₱35 billion this year as it targets a 1,200-MW project portfolio by end-2025. It currently operates 526 MW nationwide and is developing additional solar, wind, and hydro projects, including a wind pipeline aiming for 3,000 MW over the medium to long term.
