CREC secures P4-B BPI loan for Pangasinan solar park
Citicore Renewable Energy Corp. (CREC) has secured a P3.975-billion loan from Bank of the Philippine Islands (BPI) to support its ongoing expansion in the renewable energy sector.
The loan will partly finance the P5.7-billion, 113-megawatt (MW)-peak Citicore Solar Pangasinan 2 project in Binalonan, Pangasinan.
The agreement was signed on Dec. 3 by senior executives from both companies, including CREC chair Edgar Saavedra, CREC president and chief executive officer Oliver Tan and BPI Institutional Banking head Luis Cruz.
“The success of our goals goes hand in hand with the trust and confidence of those who choose to partner with us,” Tan said.
“With BPI partnering with us through this project finance agreement, we strengthen our ability to deliver on our commitments and continue championing renewable energy in the country,” he said.
CREC said the loan will help ensure the timely delivery of the solar project. The Department of Energy (DOE) tagged it as an Energy Project of National Significance, a designation that fast-tracks permitting and regulatory processes.
BPI’s Cruz said the financing supports the bank’s push to fund “projects that drive sustainable progress.” He added that the deal enables investments that deliver clean energy and create a “lasting positive impact for the communities.”
Citicore Solar Pangasinan 2 is part of CREC’s pipeline under its goal to roll out 5,000 MW of renewable capacity within five years.
The facility is one of three CREC developments in the province. The two others are the Citicore Solar Pangasinan project in Sta. Barbara and Citicore Wind Pangasinan project, which is in early development.
All three projects were awarded under the DOE’s Green Energy Auction Program 2 in 2023, which secured 20-year government offtake contracts for CREC.
BPI Capital Corp. serves as the sole lead arranger of the transaction.
BPI president Lester Ong said the bank’s role reflects its confidence in CREC’s long-term strategy. He noted that accelerating projects of this scale contributes to meeting the renewable energy targets outlined in the Philippine Energy Plan.
