CREC gets $55-M loan to back expansion

Citicore Renewable Energy Corp. (CREC), backed by tycoon Edgar Saavedra, has obtained a $55 million loan from Singapore-based Pentagreen Capital as it gears up for its expansion.

The company said the loan deal, secured by Citicore Solar Energy Corp., would fund the construction of additional solar power and battery storage projects across the country.

CREC added that the fresh capital could help the group activate up to 2,000 megawatts (MW) of generation capacity and up to 760 megawatt-hours (MWh) of battery storage capacity.

Oliver Tan, chief executive officer of CREC, said the firm’s partnership with Pentagreen started in 2023.

Pentagreen is the sustainable infrastructure financing arm of HSBC and Temasek.

“With our first 1 gigawatt (GW), or 1,000 MW, nearing completion and preparation for our next GW, Pentagreen remains an integral partner to Citicore,” Tan said in a statement on Thursday.

“Their continued vote of confidence and support to our undertakings through this agreement will help us further accelerate our renewable energy developments,” he added.

With the injection of the funds, CREC said it would pursue the development of eight solar facilities in Pangasinan, Pampanga, Batangas and Negros Occidental. The expected combined capacity of these plants might reach 610 MW.

They also promise to provide 914 gigawatt-hours of clean energy supply to the grid per year, enough to power about 240,000 households.

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Three of the solar parks in Batangas will also be equipped with battery energy storage systems (BESS).

Renewable energy producers have been investing in BESS as the technology allows them to store excess generated electricity and only release it to the grid during peak demand hours.

Last month, CREC launched what it called the country’s “first solar baseload power plant,” a P10-billion facility boosted with a storage system in Batangas.

With the activation of this major plant, CREC chair Saavedra said the group was on track to deliver its first GW of renewable energy by the end of 2025.