Citicore Renewable Energy Corporation Secures a Historic Financing Agreement with RCBC for Multiple Solar Power Plant Projects

Citicore Renewable Energy Corporation (CREC) has reached a groundbreaking financing agreement with Rizal Commercial Banking Corporation (RCBC) to fund multiple solar power plant projects. The agreement, facilitated by RCBC Capital Corporation, marks a significant shift in project financing structure in the Philippines.

The financing arrangement is set to provide up to PhP20 Billion in funding, with an initial tranche of PhP9 Billion earmarked for the development of solar power plant projects in Batangas, Pampanga, and Negros Occidental. This financing model, a departure from the conventional per-project approach, encompasses various project portfolios.

“We are grateful for RCBC’s support, which will propel us towards achieving our ambitious 1GW target for this year,” stated Mr. Oliver Tan, President and CEO of CREC. “This partnership underscores RCBC’s confidence in our vision, and we are committed to delivering excellence in our endeavors.”

The solar power plant projects in Batangas, Pampanga, and Negros Occidental are vital components of CREC’s strategic goal to contribute 1GW of ready-to-build/under construction solar energy capacity annually for the next five years. The first and second phases of the Negros Occidental project are expected to commence commercial operations in September 2024 and 2025, respectively. Similarly, the first and second phases of the Batangas and Pampanga projects are projected to commence operations in December 2024 and 2025, respectively.

This financing deal not only accelerates CREC’s solar energy initiatives but also sets a precedent for innovative project financing in the renewable energy sector in the Philippines. With RCBC’s support, CREC is poised to make significant strides towards a sustainable energy future.