CREC inks P4.05-B loan deal with Landbank for solar power plants project

Citicore Renewable Energy Corporation (CREC) announced Wednesday it has inked a P4.05-billion project finance loan facility agreement with the Land Bank of the Philippines to bankroll the completion of its two solar projects under Citicore Solar (CS) Embedded Inc.

In a news release, CREC said the project loan will finance the development of two 41-megawatt-peak (MWp) solar power plants, which will be complemented with 53 megawatt-hour (MWh) battery energy storage systems embedded within the distribution utility companies in the provinces of Pampanga and Nueva Ecija.

Upon completion, CREC said the projects will add a total of 82 MWp and 106 MWh to the group's combined installed capacity.

Moreover, the company said the Pampanga project will further strengthen CREC's presence and investments in the province, following its 115-MW and 42-MW solar farms in Arayat-Mexico.

Meanwhile, the Nueva Ecija project will serve as the company's first development in the province.

"Our vision to Power a First World Philippines aligns with LANDBANK's commitment to sustainable nation-building, enabling us to accelerate the delivery of renewable energy projects that advance the country's energy transition and create lasting value for Filipino communities," said CREC president and CEO Oliver Tan.

"This collaboration also underscores the critical role of public-private partnerships in advancing the Department of Energy's target of increasing renewable energy’s share in the country's power generation mix to 50% by 2040," added Tan.

For her part, Landbank president and CEO Lynette Ortiz said the partnership with CREC "reflects Landbank's commitment to financing transformative projects that expand access to reliable power, create opportunities, and accelerate the country’s green transition."

"We are fully committed to ensuring our rural communities benefit from a cleaner, more secure energy grid," said Ortiz. — VDV, GMA News