CITICORE Renewable Energy Corp. (CREC) has secured a P4.05-billion loan from the Land Bank of the Philippines (LANDBANK) for the development of two solar energy projects in Pampanga and Nueva Ecija.
In an announcement on Wednesday, CREC said the loan will fund the event of two 41-megawatt-peak (MWp) solar energy projects, each paired with a 53-megawatt-hour (MWh) battery energy storage system embedded inside the distribution utilities.
“Our partnership with CREC reflects LANDBANK’s commitment to financing transformative projects that expand access to reliable power, create opportunities, and speed up the country’s green transition. We’re fully committed to making sure our rural communities profit from a cleaner, safer energy grid,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said.
CREC President and Chief Executive Officer Oliver Y. Tan said the financing will help speed up the delivery of the corporate’s renewable energy projects.
“This collaboration also underscores the critical role of public-private partnerships in advancing the Department of Energy’s goal of accelerating renewable energy’s share within the country’s power generation mix to 50% by 2040,” he said.
The Pampanga project marks CREC’s entry into the province, while the Nueva Ecija project expands its presence following the energization of its 115-MW and 42-MW solar farms in Arayat and Mexico, Pampanga.
Electricity generated by the projects shall be supplied to Pampanga I Electric Cooperative and San Jose City Electric Service Cooperative under CREC’s hybrid solar energy project business model.
The solar plants shall be directly connected to the 2 distribution utilities, potentially reducing system losses, lowering electricity costs for end-users, and helping the utilities meet their renewable energy sourcing requirements under the Renewable Portfolio Standards.
CREC, directly and thru its subsidiaries and joint ventures, manages a portfolio spanning renewable energy generation, project development, and retail electricity supply.
The corporate goals to expand its renewable energy capability to about five gigawatts (GW) by 2028.
To support this goal, CREC has earmarked about $2 billion this 12 months to fund the rollout of greater than 1 GW of solar energy projects. — Sheldeen Joy Talavera