CREC secures P35B for five Batangas solar parks

Citicore Renewable Energy Corp. (CREC) secured its largest syndicated financing yet amounting to P35.014 billion, helping the group roll out five solar projects in Batangas.

CREC on Friday said the syndicated loan was sealed with the Bank of the Philippine Islands (BPI), Land Bank of the Philippines (Landbank) and the Development Bank of the Philippines (DBP).

The fresh funds would support the firing up of 900 megawatts-peak (MWp) of solar capacity and 120 megawatt-hours (MWh) of battery energy storage systems (BESS).

The additional power generation capacity would come from the construction of two 300-MWp solar farms and three 100-MWp solar plants equipped with a 40-MWh BESS.

These projects would further beef up the listed power producer’s footprint in the province. At present, its total capacity for solar power generation is 374 MWp.

An additional 198 MWp of solar power capacity is expected to come online soon.

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The Saavedra-led group has also been strengthening its BESS capacity, which currently stands at 560 MWh.

“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 in a statement.

“Projects of this scale require strong execution and the right financial partners, and we are deeply grateful to have BPI, LandBank and DBP alongside us. Ultimately, our goal goes beyond building capacity. We want to help shape the future of renewable energy in the Philippines,” Tan added.