Citicore Renewable Energy Corporation (CREC) has secured P35.014 billion in syndicated financing from three Philippine banks to bankroll five solar projects in Batangas, expanding its renewable energy footprint as the country seeks to bolster power supply and accelerate the shift to cleaner energy.
The financing, its largest syndicated facility to date, was arranged with the Bank of the Philippine Islands (BPI), Land Bank of the Philippines (LANDBANK) and Development Bank of the Philippines (DBP).
The projects will deliver a combined 900 megawatts-peak (MWp) of solar capacity, supported by 120 megawatt-hours (MWh) of battery storage. The portfolio comprises two 300-MWp plants and three 100-MWp facilities, each paired with a 40-MWh battery energy storage system.
All five projects secured offtake commitments under the Department of Energy’s fourth Green Energy Auction (GEA-4), providing a contracted revenue framework for the planned expansion.
Once operational, the facilities are expected to generate about 1,300 gigawatt-hours of electricity annually—enough to supply an estimated 550,000 households and avoid roughly 850,000 tonnes of carbon dioxide emissions each year.
“Securing P35.014 billion financing is an important milestone for Citicore Renewables as we accelerate the delivery of our renewable energy pipeline,” CREC President and CEO Oliver Tan said.
The investment builds on the company’s existing Batangas portfolio of 374 MWp of solar capacity and 560 MWh of battery storage. Another 198 MWp of solar projects are nearing completion.
With the new developments, CREC’s solar capacity in Batangas is projected to reach approximately 1,472 MWp once all projects are completed.
LANDBANK President and CEO Lynette Ortiz said the deal highlights the role of banking partnerships in mobilizing capital for renewable energy while strengthening energy security.
The scale of the financing underscores the capital demands of utility-scale clean energy development, while the projects’ delivery timelines and eventual contribution to power supply remain key milestones to watch.
